AsiaShipyards

DSME given a year to fix finances

The Korea Exchange has given Daewoo Shipbuilding & Marine Engineering (DSME) a year to get its finances in order at which time it could see its share suspension lifted.

The yard is in court receivership following a downturn in orders and a massive multi-billion dollar accounting fraud.

DSME’s shares were suspended on July 14. If it fails to improve its finances it will be delisted. The yard is pushing ahead with mass redundancies and selling assets at home and abroad.

Tags

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.
Back to top button
Close
Close