AsiaShipyards

Arrest beckons for former DSME boss as fraud investigation hots up

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.

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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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