Chaebol General Motors and Renault. The chaebol debts were not only to state industrial banks but also to independent banks and their own financial services subsidiaries. The scale of the loan defaults meant that banks could neither foreclose nor write off bad loans without themselves collapsing, so the failure to service these debts quickly caused a systemic banking crisis, and South Korea turned to the IMF for assistance. The most spectacular example came in mid-1999, with the collapse of the Daewoo Group, which had some US$80 billion in unpaid debt. At the time, it was the largest corporate bankruptcy in history.
Human trafficking in South Korea Human trafficking in South Korea The Republic of Korea is primarily a source for the trafficking of women and girls within the country and to the United States (often through Canada and Mexico), Japan, Hong Kong, Guam, Australia, New Zealand, Canada, and Western Europe for the purpose of commercial sexual exploitation. Women from Russia, Uzbekistan, Kazakhstan, Mongolia, the People’s Republic of China (P.R.C.), North Korea, the Philippines, Thailand, Cambodia, and other Southeast Asian countries are recruited to work in South Korea, and a significant number of these women are trafficked for sexual exploitation and domestic servitude. An increasing challenge for