SEOUL, July 13 (Korea Bizwire) – The National Pension Service (NPS) announced on July 12 that it may file a damages suit against Daewoo Shipbuilding & Marine Engineering Co. (DSME), the country’s third-largest shipyard, due to its suspected accounting fraud. According to a prosecutorial investigation, DSME allegedly committed accounting fraud exceeding 5 trillion won ($4.36 billion) over [...]
GEOJE, South Korea, June 23 (Korea Bizwire) – The prolonged struggles of Korea’s shipbuilding industry are affecting the housing market in Geoje, a city in South Gyeongsang Province. Geoje is made up of a number of islands just off the coast of Busan, and it is also the main hub for the two major shipbuilding [...]
SEOUL, May 31 (Korea Bizwire) – Not many employees would say no to a time off work, but being forced to take unpaid vacation is a completely different story. Daewoo Shipbuilding & Marine Engineering (DSME), which is currently suffering from extreme debt and going through vigorous restructuring efforts, has recently decided to cut salaries and force [...]
SEOUL, May 20 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a troubled South Korean shipyard, is set to unveil a set of additional restructuring measures later in the day as the government and its creditors pressed it to map out stronger self-rescue measures, industry sources said Friday. The proposal, to be submitted to [...]
SEOUL, May 19 (Korea Bizwire) – South Korea’s major shipbuilders are pulling out of wind power generation projects as they are reeling from massive losses and a drawn-out slump in the global economy, industry sources said Thursday. Since 2009, local shipyards, led by Hyundai Heavy Industries Co., have been tapping the alternative energy business sector [...]
SEOUL, May 16 (Korea Bizwire) – Overseas operations of South Korea’s cash-strapped shipyards struggled with massive debts last year amid a protracted slump in the global shipbuilding industry, industry data showed Sunday. The combined debts of 34 overseas subsidiaries of the three major shipyards — Daewoo Shipbuilding & Marine Engineering Co., Hyundai Heavy Industries Co. [...]
CHANGWON, May 11 (Korea Bizwire) — Two former heads of Daewoo Shipbuilding & Marine Engineering Co., a major South Korean shipbuilder, are subject to a travel ban over investigation into huge losses the company suffered, industry sources said Wednesday. Nam Sang-tae, who headed the company from 2006 to 2012 and Ko Jae-ho, who succeeded Nam [...]
SEOUL, May 9 (Korea Bizwire) – Debts owed by South Korea’s three major shipbuilders more than doubled over a period of five years ending in 2015 due to disadvantageous contract terms, according to their business reports Sunday. The combined borrowings by Hyundai Heavy Industries Co., Samsung Heavy Industries Co., and Daewoo Shipbuilding & Marine Engineering [...]
SEOUL, May 3 (Korea Bizwire) — Creditors of Samsung Heavy Industries Co. have called on the shipyard to map out a set of self-restructuring measures as the local shipbuilding segment is reeling from mounting losses and a protracted slump, industry sources said Tuesday. Last week, Hana Bank, the main creditor of Hyundai Heavy Industries Co., also [...]
SEOUL, May 2 (Korea Bizwire) — Loss-making South Korean shipyards, facing growing pressure from their creditors to cut costs amid an industrywide slump, are expected to ratchet up moves to cut their workforces and sell noncore assets, industry sources said Monday. Last month, the government picked five sectors to put under intensive restructuring as their [...]