DSMEs Offices Raided

DSME Offices of the South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) were raided Tuesday by the countrys prosecutors within an accounting probe. Some 150 officials have reportedly seized computer hard drives, accounting books and documents from DSMEs headquarters in Seoul and one of its shipyards on the island of Geoje, BBC reports. The accounting probe is said to be linked to two former chief executive officers of the yard suspected of mismanagement of the company. In line with the investigation requested by an audit committee, the officials are said to be examining whether there were any manipulations in the yards financial statements for 2013 and 2014, aimed at concealing the yards losses. The raid coincides with the creditorss approval of a self-rescue plan submitted by the cash-strapped Korean shipbuilder. As disclosed, the USD 4.47 billion-worth plan would see DSME sell two of its five floating docks aimed at cutting costs and bolstering the yard’s liquidity in addition to major layoffs and wage cuts. World Maritime News Staff