Chang Dae-hwan
Encyclopedia
Chang Dae-hwan is a South Korea
n businessman. He is best known as the president of the Maeil Business Newspaper
, South Korea
's main business daily. He also served a brief stint as South Korea's acting prime minister
in August 2002 under president
Kim Dae-jung, but the National Assembly
voted not to confirm him.
in 1973. He also received a diploma for the Study of EC (European Community) in Belgium in June 1974, and went on to do an M.A. in international affairs at George Washington University
. Afterwards, Chang received his M.A. and Ph.D. in economics and management from New York University
, where he wrote his 1987 doctoral dissertation on South Korean construction firms in the Middle East. He serves as the president of the South Korean branch of the NYU alumni association.
Chang started his newspaper career as a manager of planning department at Maeil Business Newspaper on 1 January 1986. He then rose to the position of director, managing director, and executive director successively, finally becoming the president and publisher in 1988.
. The nomination was a surprise to fellow top-level civil servants in their 60s, as Chang was just 50 years old at the time, and had no experience in government. If appointed, he would have been the wealthiest member of the cabinet, with ₩
5.6 billion in family assets, according to his self-report. However, during his confirmation hearings, questions came up about his personal finances in relation to the Maeil Business Newspaper. Grand National Party
(GNP) member Hong Joon-pyo claimed that Chang had borrowed ₩2.38 from Hanvit Bank (Woori Bank
) using the MBNs deposits as collateral, in order to purchase stocks; he described this as a case of "embezzlement". Ahn Kyung-ryul, also of the GNP, claimed that Chang and his wife amassed ₩2.75 billion in assets from 1987 to 2000, but their total actual estimated income was ₩1.35 billion, leaving ₩1.4 billion unaccounted for, and further that Chang had illegally purchased 675 pyeongs (2,231.4 m²) of agricultural land in 1987. Chang himself also acknowledged in a press conference that he had falsely registered himself as living in Seoul
's Gangnam-gu
to enroll his son in a better school. In the end he was rejected by a vote of 151-112.
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
n businessman. He is best known as the president of the Maeil Business Newspaper
Maeil Business Newspaper
The Maeil Business Newspaper is South Korea's main daily business newspaper. , it had a circulation of roughly 900,000. Their president is Chang Dae-hwan....
, South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
's main business daily. He also served a brief stint as South Korea's acting prime minister
Prime Minister of South Korea
The Prime Minister of the Republic of Korea is appointed by the President with the National Assembly's approval. Unlike prime ministers in the parliamentary system, the Prime Minister of South Korea is not required to be a member of parliament....
in August 2002 under president
President of South Korea
The President of the Republic of Korea is, according to the Constitution of the Republic of Korea, chief executive of the government, commander-in-chief of the armed forces, and the head of state of the Republic of Korea...
Kim Dae-jung, but the National Assembly
National Assembly of South Korea
The National Assembly of the Republic of Korea is a 299-member unicameral legislature. The latest general elections were held on April 9, 2008. Single-member constituencies comprise 245 of the National Assembly's seats, while the remaining 54 are allocated by proportional representation...
voted not to confirm him.
Education and career
Chang obtained a bachelor's degree in politics at the University of RochesterUniversity of Rochester
The University of Rochester is a private, nonsectarian, research university in Rochester, New York, United States. The university grants undergraduate and graduate degrees, including doctoral and professional degrees. The university has six schools and various interdisciplinary programs.The...
in 1973. He also received a diploma for the Study of EC (European Community) in Belgium in June 1974, and went on to do an M.A. in international affairs at George Washington University
George Washington University
The George Washington University is a private, coeducational comprehensive university located in Washington, D.C. in the United States...
. Afterwards, Chang received his M.A. and Ph.D. in economics and management from New York University
New York University
New York University is a private, nonsectarian research university based in New York City. NYU's main campus is situated in the Greenwich Village section of Manhattan...
, where he wrote his 1987 doctoral dissertation on South Korean construction firms in the Middle East. He serves as the president of the South Korean branch of the NYU alumni association.
Chang started his newspaper career as a manager of planning department at Maeil Business Newspaper on 1 January 1986. He then rose to the position of director, managing director, and executive director successively, finally becoming the president and publisher in 1988.
As prime minister
Chang was named as South Korea's acting PM on 9 August 2002, after the National Assembly declined to confirm his predecessor Chang SangChang Sang
Chang Sang was the Acting Prime Minister of South Korea in July 2002.-References:...
. The nomination was a surprise to fellow top-level civil servants in their 60s, as Chang was just 50 years old at the time, and had no experience in government. If appointed, he would have been the wealthiest member of the cabinet, with ₩
South Korean won
The won is the currency of South Korea. A single won is divided into 100 jeon, the monetary subunit. The jeon is no longer used for everyday transactions, and appears only in foreign exchange rates...
5.6 billion in family assets, according to his self-report. However, during his confirmation hearings, questions came up about his personal finances in relation to the Maeil Business Newspaper. Grand National Party
Grand National Party
The Grand National Party is a conservative political party in South Korea. Its Korean name, Hannara, has a double meaning as "Great National" and "Korean National." The GNP holds a majority of seats in the 18th Assembly, lasting from 2008 to 2012....
(GNP) member Hong Joon-pyo claimed that Chang had borrowed ₩2.38 from Hanvit Bank (Woori Bank
Woori Bank
Woori Bank is a bank headquartered in Seoul, Korea. The bank changed its name in 2002, and includes the former Commercial Bank of Korea, Hanil Bank, and Peace Bank. It was known from 1999 through 2002 as Hanvit Bank...
) using the MBNs deposits as collateral, in order to purchase stocks; he described this as a case of "embezzlement". Ahn Kyung-ryul, also of the GNP, claimed that Chang and his wife amassed ₩2.75 billion in assets from 1987 to 2000, but their total actual estimated income was ₩1.35 billion, leaving ₩1.4 billion unaccounted for, and further that Chang had illegally purchased 675 pyeongs (2,231.4 m²) of agricultural land in 1987. Chang himself also acknowledged in a press conference that he had falsely registered himself as living in Seoul
Seoul
Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
's Gangnam-gu
Gangnam-gu
Gangnam-gu is one of the 25 gu which make up the city of Seoul, South Korea. It is one of the most affluent areas of Seoul and is located in the southeast of the city...
to enroll his son in a better school. In the end he was rejected by a vote of 151-112.