Former DSME CEO handed six-year prison term

Nam Sang-tae, 67, the former CEO of Daewoo Shipbuilding & Marine Engineering (DSME), was yesterday handed a six-year jail term for his role in a multi-billion dollar accounting fraud that rocked the Korean yard.

Nam, who headed DSME from 2006 to 2012, was convicted of accounting fraud, embezzlement, breach of duty and bribery by a court in Seoul. He will also have to forfeit KRW880m ($805,000).

The accounting fraud scandal combined with a severe drop in orders brought the Korean yard to its knees, forcing it to sell off many non-core businesses.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
Back to top button