Capital Citizen Economic Approval 2024.11.08 06:00 | Last Modified 2024.11.08 10:41 Comments 0
U.S. President-elect Donald Trump, the 47th president of the United States, visited South Korea more than a year before Daewoo Group was dissolved in a workout and discussed cooperation on the Trump World project with Daewoo Group Chairman Kim Woo-joong at the Hilton Hotel. Daewoo E&C, an affiliate of Daewoo Group, built seven Trump properties in South Korea. It paid $7 million at the time for branding rights. From left, President-elect Trump, Chung Hee-ja, then chairman of Daewoo Development, and Kim Woo-joong, then chairman of Daewoo Group. Photo courtesy of Daewoo Group
President-elect Donald Trump, the 47th president of the United States, had a strong connection to the now-defunct Daewoo Group.
In particular, Daewoo E&C was involved in the residential condominium business under the Trump World brand in Korea, and in 1997, they jointly promoted an American-style luxury residential condominium named after Trump's U.S. development corporation.
Trump and Daewoo, owners of The Trump Organization, used the Trump World brand as a joint venture in 1997, when a joint venture was formed between Trump and Kim Woo-joong, chairman of Daewoo Group, to build Trump World in Korea.
Daewoo E&C, then part of the Daewoo Group, paid $7 million to use the Trump name in Korea and built seven Trump World buildings. Daewoo's foray into the U.S. came to an unfortunate end in 1999 when the group was disbanded and Daewoo was unable to participate in the New York joint venture.
At the time, Trump was still struggling with the bankruptcy of his business in 1995, so even when he came to Korea, he flew on a commercial airplane rather than a private jet, accompanied by a small entourage and his son Trump Jr.
In that situation, the $7 million from the Daewoo deal would have been a boon to Trump.
If Daewoo Group had not been dismantled at that time, it is also speculated that the joint business between Trump and Daewoo would have helped South Korea, which elected Jingumdari as president.
A few months before Daewoo Group was dissolved in November 1999, Trump and Daewoo E&C had agreed to jointly build the 70-story Trump World Tower (completed in 2001) in Manhattan, New York City. During his visit on May 3 that year, Trump toured Daewoo's major businesses, including Daewoo Heavy Industries' Geojedo Okpo shipyard and Daewoo Motor's Gunsan plant. His round at the Adonis Golf Course in Pocheon, Gyeonggi Province, was organized by Chairman Chung Hee-ja on behalf of Chairman Kim Woo-joong.
Trump also traveled to South Korea in June 1998, and both times he played golf with Chung.
reporter Lee, kiyoung
저작권자 ⓒ 수도시민경제, 무단 전재 및 재배포 금지