Twenty-seven years ago today, on May 11, 1998 (April 16, 1998 in the lunar calendar), the chairperson of South Korea's failed Kia Group was arrested for corruption and malfeasance. On May 11, 1998, the South Korean Grand Prosecutor's Office decided to arrest the former chairperson of Kia Group, Kim Sun-hong, to investigate his corruption and malfeasance during his tenure and hold him accountable for the company's operating crisis. Kim Sun-hong has been the chairperson of Kia Group since 1993. In July 1997, Kia Group, which ranks eighth among major Korean conglomerates, fell into an operating crisis. At that time, in order to deal with the problems of Kia Group in a timely manner, the government and creditors led by several major banks had repeatedly urged Kim Sun-hong to give up the operating rights, but Kim Sun-hong refused to give up. As the country's financial situation deteriorated, the government had to forcibly declare the bankruptcy of Kia Group in October 1997. After an investigation by the South Korean judicial department, it was concluded that the delay in the problems of Kia Group, a major company in South Korea, played a bad role in the financial crisis in South Korea. In addition, in order to maintain his business rights, Kim Sun-hong had misappropriated public funds to buy shares in the company and used his power to provide payment guarantees for his relatives and friends. His actions have constituted the crime of malfeasance and corruption.