On this day, 28 years ago, on January 23, 1997 (December 15, 1996 in the lunar calendar), Hanbao Steel Company, South Korea's second largest steel company, went bankrupt. Zheng Tae-shou, former president of Hanbao Group, on January 23, 1997, Hanbao Steel Co., Ltd., South Korea's second largest steel company, declared bankruptcy. The investigation confirmed that the case involved large-scale power-for-money transactions. Dozens of dignitaries in South Korea's political, financial and corporate circles are involved. Among those arrested and sentenced even included President Kim Young-sam's second son, Kim Hyun-chul. Facing trial, Kim Hyun-chul cried in exchange for sympathy. Kim Hyun-chul (left) was taken to Seoul Detention Center