SEOUL, Nov. 25 (Korea Bizwire) – Shareholders of Daewoo Shipbuilding & Marine Engineering Co. on Friday approved a proposed capital reduction scheme, paving the way for the troubled shipbuilder to receive financial aid from its creditors. The shipbuilder said its shareholders gave the nod to the 10-to-1 capital reduction for shareholders. Earlier, its creditors, led [...]
SEOUL, Nov. 8 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering Co. is ratcheting up efforts to sell its assets to secure cash amid a protracted slump, industry sources said Tuesday. According to the sources, the troubled shipyard has recently named a preferred bidder for Welliv Co., one of its money-making units, which is involved [...]
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, June 8 (Korea Bizwire) – Prosecutors raided Daewoo Shipbuilding & Marine Engineering Co. (DSME), one of the country’s top three shipbuilders, on Wednesday over alleged accounting fraud and poor management amid an industrywide slump. The Supreme Prosecutors’ Office said it dispatched some 150 investigators to raid the company’s headquarters in central Seoul and its Okpo [...]
SEOUL, May 30 (Korea Bizwire) – The accumulated debt for Korea’s top 9 shipbuilding companies – companies with more than 1 trillion won in revenue – has exceeded 100 trillion won. According to chaebul.com Sunday, the top 9 companies’ debt exceeded 102.6 trillion won in 2015. The figure tallies up all debt from the 9 [...]
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, Dec.2 (Korea Bizwire) – Daewoo Shipbuilding & Marine Engineering announced that it has sold all of its helicopters. The company is cleaning up its non-core assets to normalize management. Daewoo Shipbuilding & Marine Engineering owned two Sikorsky helicopters that can each seat 14 people, and used them to transport key figures and guests. However, [...]
SEOUL, Oct. 23 (Korea Bizwire) – As financial authorities and creditors have held off a plan to support the normalization of Daewoo Shipbuilding & Marine Engineering, the union from the Korea Development Bank (KDB) is pushing for a restructuring based on fundamentals. KDB’s union urged Daewoo to restructure even if the companies goes under legal [...]
![[Quote] GM Korea CEO Strikes Back at Former Daewoo Chairman’s Remarks](http://koreabizwire.com/wp/wp-content/uploads/2014/08/kim-woo-jung.jpg "[Quote] GM Korea CEO Strikes Back at Former Daewoo Chairman’s Remarks")
“I have had a hard enough time so far. (after the Daewoo Group’s break-up and his being charged with many convictions in late 1990s). And I guess it’s about time to rectify what has gone wrong with general perceptions and evaluations of the Daewoo Group, which suffered unfair treatment when the Asian financial crisis folded [...]
SEOUL, Aug. 28 (Korea Bizwire) – Daewoo Engineering & Construction announced on August 27 that it won a tender for the construction of Kazungula Bridge connecting Zambia and Botswana at the price of US$161 million, equivalent to 163 billion won. The construction contractor will build a bridge crossing the Zambezi River running along the border in [...]