The multi-billion dollar accounting fraud scandal that has rocked Daewoo Shipbuilding & Marine Engineering stepped up a gear today with investigators raiding the home and office of the former chairman of lead creditor, Korea Development Bank (KDB). Kang Man-soo was chair of KDB from 2011 to 2013.
Prosecutors swooped this morning and took away computer hard discs, diaries and business documents.
Kang would be the highest profile name to be snared in the investigation which to date has already seen two former DSME ceos and an ex-cfo arrested.
DSME’s accounting fraud saw it claim two years of profitability when in fact it was in the red.
The multi-billion dollar reversal, combined with a slump in new orders, has seen DSME enter a harsh round of restructuring.
