AsiaShipyards

Former DSME president indicted

Nam Sang-tae, the former president of Daewoo Shipbuilding & Marine Engineering (DSME), was today indicted in Seoul on charges of embezzlement and negligence of duty. He had been detained on Tuesday, but refused to attend a court hearing yesterday. Nam was the boss of the yard, during a time when a massive accounting fraud was unearthed to the tune of billions of dollars.

The prosecution is also looking at filing an extra charge of accounting fraud against him.

Nam is accused of handing contracts to a friend’s business and taking some of the money.

Another former president of the yard is also being investigated.

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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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