AsiaShipyards

Another former DSME exec faces accounting fraud probe

Photo of Sam Chambers Sam ChambersJuly 4, 2016
3 Less than a minute

Another ex-boss of Daewoo Shipbuilding & Marine Engineering was grilled by prosecutors in Seoul today. A giant accounting fraud, to the tune of billions of dollars, has been unearthed at the Korean shipbuilder which has already seen a former ceo charged. Now Ko Jae-ho, ceo of DSME from 2012 to 2015, is being investigated.

“I feel deeply responsible for the grim situation faced by the company,” Ko told reporters before entering the prosecutors’ office. He denied allegations that he ordered his staff to manipulate figures.

Earlier this year, the shipyard said it swung to huge losses in 2013 and 2014 from earlier reported profits, citing accounting mishaps.

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Photo of Sam Chambers Sam ChambersJuly 4, 2016
3 Less than a minute
Photo of Sam Chambers

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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