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Seoul fines DSME accountant for ‘turning a blind eye’ to huge accounting fraud

Seoul fines DSME accountant for ‘turning a blind eye’ to huge accounting fraud

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South Korea’s financial regulator has banned accounting firm Deloitte Anjin from conducting new audits for 12 months as punishment for “systematically ordering and turning a blind eye” to massive multi-billion dollar accounting fraud at endangered shipyard giant Daewoo Shipbuilding & Marine Engineering (DSME).

Deloitte Anjin must also pay KRW1.6bn won ($1.43m) for falsifying a stock-related document. It has been banned from conducting an audit on DSME for five years.

Seoul was forced to step in once again this week with another rescue package for ailing DSME, hit hard by a significant drop in new orders as well as the huge hole created by the accounting fraud that has seen a number of ex-senior managers at the yard put behind bars.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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