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.