Crisis kickstarts corporate revolution

The overhaul of the Korean corporate and financial sectors that is starting to gather pace promises to be brutal and bloody. And it will involve many high-profile casualties. But only drastic action can put the country back on its feet after the traumatic events of the past year and rebuild international confidence. President Kim Dae-Jung's radical reform programme will trigger a complete restructuring of the corporate and financial systems. What the government hopes will evolve is a dynamic new economic model for Korea. But it will come at a high price and it will not be achieved without strong opposition. As this sea change sweeps through Korea, the opportunities for foreign commercial bankers, investment banks and corporate, venture capital and portfolio investors will be enormous. But the risks are high. Mark B Johnson reports on a country on the brink of an explosion of corporate bankruptcies and, if the government's radical reforms are derailed, a country on the brink of financial meltdown.