DSME’s Investors Pile Up Lawsuits

Three more institutional investors have filed lawsuits against the South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) over the KRW 5.4 trillion (USD 4.6 bilion) accounting fraud, The Korea Herald reports.

Government Employees Pension Service and Teachers’ Pension filed the lawsuit against the company for compensation of some KRW 22 billion (USD 19 million).

In addition, Korea Post sought KRW 400 million in compensation.

In a week, DSME faced lawsuits of over KRW 70 billion, according to The Korea Herald.

The National Pension Service (NPS) sought KRW 48.9 billion in a compensation lawsuit last week. NPS held 9.12 percent of the shipbuilder in 2013, reducing the stake to 0.16 percent by August last year.

Separately, more than 400 stakeholders have sought the compensation, amounting to about KRW 25 billion.

The accounting fraud worth KRW 5.4 trillion was unveiled in June, revealing that the company’s management undertook business projects without legitimate procedures.

Last week, DSME’s former Chief Financial Officer was charged with taking part in the company’s accounting fraud during 2013 and 2014.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 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 31 1 2 3 4 5

Offshore Energy Exhibition and Conference (OEEC) 2020

The three-day event includes an exhibition where an expected 600+ supply chain companies…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >