Travel ban issued to former DSME execs as fraud investigation hots up

Travel ban issued to former DSME execs as fraud investigation hots up

Two former heads of Daewoo Shipbuilding & Marine Engineering (DSME) have been handed a travel ban, as investigators look into accounting fraud at the Korean yard.

Nam Sang-tae, who headed the company from 2006 to 2012 and Ko Jae-ho, who succeeded Nam until last year, cannot leave South Korea while Seoul looks into the books of the yard, which has suffered huge losses as holes in its accounting were unearthed in recent months.

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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