Struggling South Korean shipyard STX Offshore & Shipbuilding has been told it must pay minority shareholders $4.2m in compensation to 290 minority shareholders for losses they suffered thanks to an accounting fraud at the yard. The plaintiffs had initially sought a figure about 40% higher than what the court decided on.
STX, when headed by now dethroned Kang Duk-soo, forged financial statements for around a decade.
In 2015, an appeals court convicted Kang of embezzlement and negligence of duty.
The yard has been going through an extensive restructuring in the past 18 months, saddled by massive debts and a dwindling orderbook.