SEOUL, Jan 11 (Korea Bizwire) – Thousands of subcontractor workers at Daewoo Shipbuilding & Marine Engineering Co., a major shipyard in South Korea, are on the brink of losing their jobs as the shipbuilder has failed to clinch new deals for offshore facilities, industry sources said Wednesday. According to the sources, Daewoo Shipbuilding has 11 [...]
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 [...]
SEOUL, June 15 (Korea Bizwire) – South Korea’s state audit agency said Wednesday it has detected accounting fraud worth 1.5 trillion won (US$1.27 billion) at Daewoo Shipbuilding & Marine Engineering Co., adding that its main creditor also failed to provide appropriate surveillance and management of the firm. South Korea’s Board of Audit and Inspection (BAI) [...]
SEOUL, March 10 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co., a troubled shipyard, is expecting its business to turn around this year following last year’s record loss, as it has fully reflected potential losses and its efforts to cut costs, its chief said Thursday. The shipyard suffered a record 5.1 trillion won (US$4.24 [...]
SEOUL, Oct. 25 (Korea Bizwire) — South Korea’s top three shipbuilders are expected to post a combined operating loss of more than 7 trillion won (US$6.2 billion) in 2015 amid an industrywide slump, data showed Sunday. Market data showed the country’s top three shipbuilders — Samsung Heavy Industries Co., Hyundai Heavy Industries Co. and Daewoo [...]
SEOUL, Sept. 30 (Korea Bizwire) – A group of 119 minority shareholders filed a class action suit against Daewoo Shipbuilding & Marine Engineering Co. (DSME) on Wednesday, demanding 4.1 billion won (US$3.47 million) in compensation for losses from an investment made based on the company’s doctored financial statement. The plaintiff filed the suit with the [...]
SEOUL, Feb. 18 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering (DSME), the second largest shipbuilder in the world, has had eleven of its vessels selected as the best ships of 2014 by several magazines exclusively dedicated to shipbuilding and shipping, including Naval Architect, Maritime Reporter and Marine Log, said the company on January 21. Three container [...]