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Watchdog Finds 1.5 Trillion Won in Accounting Fraud in Daewoo Shipbuilding

Watchdog Finds 1.5 Trillion Won in Accounting Fraud in Daewoo Shipbuilding

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) [...]

Samsung Heavy to Reduce Workforce, Wage

SEOUL, June 15 (Korea Bizwire) – Samsung Heavy Industries Co., a local shipyard, on Wednesday unveiled its detailed self-restructuring program which centers on a cut in workforce and having executives return part of their salaries.  Earlier, the shipyard has said it will conduct a self-rehabilitation scheme worth 1.5 trillion won (US$1.27 billion), including asset sales [...]

Daewoo Shipbuilding Raided over Alleged Accounting Fraud

Daewoo Shipbuilding Raided over Alleged Accounting Fraud

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 [...]

Daewoo Shipbuilding Set to Unveil Additional Restructuring Measures

Daewoo Shipbuilding Set to Unveil Additional Restructuring Measures

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 [...]

S. Korean Shipbuilders’ Overseas Businesses Suffer from Massive Debts

S. Korean Shipbuilders’ Overseas Businesses Suffer from Massive Debts

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. [...]

Struggling Hanjin Shipping Joins New Alliance of Shippers

Struggling Hanjin Shipping Joins New Alliance of Shippers

SEOUL, May 13 (Korea Bizwire) – Cash-strapped Hanjin Shipping Co., South Korea’s largest shipper, has joined a new alliance led by a German company amid its creditor-led debt restructuring, the company said Friday, but its local rival Hyundai Merchant Marine Co. was excluded from the group.  The shippers have been suffering from ballooning debts and [...]