Report: Prosecutors Charge DSME’s Former CFO

The former Chief Financial Officer of the financially troubled Daewoo Shipbuilding & Marine Engineering (DSME) has been charged with taking part in the company’s accounting fraud worth KRW 5.4 trillion (USD 4.6 billion), according to Yonhap News Agency.

Identified only by his surname Kim, the CFO was allegedly involved in the fraud during the period between 2013 and 2014.

Yonhap reports that Kim was also a vice chairman of the company’s largest shareholder, the state-run Korea Development Bank (KDB).

He held the position of DSME’s CFO from 2012 to 2015.

The announcement follows the earlier questionings of two South Korean shipbuilder’s former Chief Executive Officer, Ko Jae-ho and Nam Sang-tae, as part of the accounting probe.

Ko Jae-ho was at the helm of the company in the period from 2012 to 2014, while his forerunner Nam Sang-tae headed the shipbuilding firm from 2006 to 2012.

The country’s the prosecutors raided the ailing shipbuilder’s offices on June 7 unveiling the accounting fraud and revealing that the company’s management undertook business projects without legitimate procedures.

The probe also found that the shipbuilder’s main creditor Korea Development Bank (KDB) reportedly failed to conduct proper inspections on DSME’s management.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Apr 2020 >>
MTWTFSS
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 1 2 3

Seawork 2020

Seawork is Europe’s leading commercial marine and workboat exhibition, providing businesses the opportunity…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

World Future Ports Summit 2020

This event will bring together ports and maritime shipping professionals from global leading companies and authorities to discuss recent digital technologies…

read more >

Europort Romania

Europort Romania is the premier maritime networking event of the Black Sea and will connect maritime technology and service suppliers with high level professionals from Romania and surrounding shipbuilding markets.

More info

read more >