Report: Prosecutors Charge DSMEs Former CFO

DSME The former Chief Financial Officer of the financially troubled Daewoo Shipbuilding & Marine Engineering (DSME) has been charged of taking part in the companys accounting fraud worth KRW 5.4 trillion (USD 4.6 billion), according to Yonhap News Agency. Identified only by his surname Kim, the CFO was allegedly involved in the fraud during the period between 2013 and 2014. Yonhap reports that Kim was also a vice chairman of the companys largest shareholder, the state-run Korea Development Bank (KDB). He held the position of DSMEs CFO from 2012 to 2015. The announcement follows the earlier questionings of two South Korean shipbuilders former Chief Executive Officer, Ko Jae-ho and Nam Sang-tae, as part of the accounting probe. Ko Jae-ho was at the helm of the company in the period from 2012 to 2014, while his forerunner Nam Sang-tae headed the shipbuilding firm from 2006 to 2012. The countrys the prosecutors raided the ailing shipbuilder’s offices on June 7 unveiling the accounting fraud and revealing that the company’s management undertook business projects without legitimate procedures. The probe also found that the shipbuilder’s main creditor Korea Development Bank (KDB) reportedly failed to conduct proper inspections on DSME’s management. World Maritime News Staff