A former ceo of Daewoo Shipbuilding & Marine Engineering (DSME) was taken into custody today over the yard’s huge accounting fraud.
Nam Sang-tae had faced questions from prosecutors yesterday. He’d been handed a travel ban a number of months back as investigators upped their inquiry into the fraud which amounts to around $4.6bn. An arrest warrant is likely tomorrow, prosecutors say.
The 66-year-old ran DSME from 2006 to 2012. His successor is also under suspicion.
DSME is now going through a massive restructuring in no small part thanks to the losses stemming from the fraud.