Starting with Hanbo Group’s collapse early in the year, major conglomerates failed one after another, and in November the government requested a bailout from the IMF. In December, Kim Dae-jung won the presidential election, the first transfer of power to the opposition through an election.
The year in Korea
JanHanbo Group, one of Korea’s largest conglomerates, went bankrupt. [Source]
FebHwang Jang-yop, a senior Workers’ Party secretary in North Korea, defected via the South Korean consulate in Beijing. [Source]
AugKorean Air Flight 801 crashed on approach to Guam, killing many on board. [Source]
NovAmid a currency crisis, the government formally requested a bailout from the International Monetary Fund. [Source]
DecKim Dae-jung won the 15th presidential election. [Source]
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Around the world
JulBritain handed sovereignty over Hong Kong back to China. [Source]
AugDiana, Princess of Wales, died in a car crash in Paris. [Source]
Songs, shows & trends
TV drama
MBC – “Star in My Heart” — Starring Ahn Jae-wook, it became popular in Chinese-speaking regions and is often cited as an early spark of the Korean Wave. [Source]
Film
Jang Yoon-hyun – “The Contact” — A romance between two people who meet through PC dial-up chat, capturing the era’s new online culture. [Source]
Song Neung-han – “No. 3” — A gangster comedy featuring Han Suk-kyu and Song Kang-ho that drew wide attention. [Source]
Music
Sechs Kies debuts — Along with H.O.T., they dominated the first generation of boy bands. [Source]
Year League: the best year
Sources
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