DSME’s Offices Raided

Offices of the South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) were raided Tuesday by the country’s prosecutors within an accounting probe.

Some 150 officials have reportedly seized computer hard drives, accounting books and documents from DSME’s headquarters in Seoul and one of its shipyards on the island of Geoje, BBC reports.

The accounting probe is said to be linked to two former chief executive officers of the yard suspected of mismanagement of the company.

In line with the investigation requested by an audit committee, the officials are said to be examining whether there were any manipulations in the yard’s financial statements for 2013 and 2014, aimed at concealing the yard’s losses.

The raid coincides with the creditors’s approval of a self-rescue plan submitted by the cash-strapped Korean shipbuilder.

As disclosed, the USD 4.47 billion-worth plan would see DSME sell two of its five floating docks aimed at cutting costs and bolstering the yard’s liquidity in addition to major layoffs and wage cuts.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >

Electric & Hybrid Marine World Expo Conference 2019

Electric & Hybrid Marine World Expo Conference is the world’s only international conference…

read more >

GreenTech in Shipping USA Forum 2019

GreenTech in Shipping USA Forum is an event for Maritime leaders who want to unlock successful business formula of the industry!

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >