Korean National Airlines
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Korean National Airlines was the first air carrier in Korea. Established in 1948 in South Korea, the carrier was merely a regional carrier and – despite its name – was privately owned. Its founding chairman was Ryu Gye-Taek.
In late 1961, many Korean industries, including transporation, were nationalized in an effort to spur the country's economic growth. However, Ryu Gye-Taek challenged the government's authority to nationalize his company. However, the already nationalized Bank of Korea denied KNA's application for a loan to pay its corporate taxes. When the company defaulted on its debts, it was forced into bankruptcy. KNA's assets were acquired by the government-run Korean Air Lines in 1962.
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