The government has asked diplomatic missions and Interpol to help locate former chairman of Daewoo Group Kim Woo-choong.

He is accused of ordering accounting fraud and creating billions of dollars in slush funds.

Last week, seven former Daewoo executives were arrested on charges of falsifying financial records to inflate Daewoo subsidiaries' assets to get bank loans.

Reports say Kim is hiding in a foreign country. Early this year, he reportedly showed up in Senegal where Daewoo has tire and garment factories.

Daewoo narrowly escaped becoming the nation's largest bankruptcy in 19-99 when domestic creditors agreed to delay repayment of its short-term debt and extend new loans.

Meanwhile, the union at Daewoo Motor has decided to send a search party to arrest their ex-chairman.