Nam Sang Tae News

Former Daewoo Shipbuilding & Marine Engineering  (DSME) boss Nam Sang-tae sentenced to six years in prison by Korean court for embezzlement and bribery, Yonhap reported. The report said that the Seoul Central District Court handed down the guilty verdict to Nam Sang-tae, 67, convicting him of accounting fraud, embezzlement, breach of duty and bribery. The court ordered him to forfeit 880 million won (US$806,000). Prosecutors have demanded an eight-year prison term. The court said in the ruling: "The defendant neglected his responsibility as the chief of Daewoo Shipbuilding and sought his personal gains using his authority and power. Daewoo Shipbuilding is 57 percent owned by the state-run lender Korea Development Bank (KDB).

The chief executive of struggling Korean shipbuilder Daewoo was questioned by state prosecutors on Tuesday over allegations that the yard tried to cover a major deficit in 2015 by underreporting losses. According to a report in Yonhap, Jung Sung-leep, 66, appeared before the Seoul Central District Prosecutors' Office as a suspect on charges of violating the Act on External Audit of Stock Companies. Jung Sung-leep, DSME’s President and CEO since May 2015, has been reportedly charged with underreporting some KRW 120 billion (USD 101 million) in business losses in 2015. Ko Jae-ho, who headed the company from 2012 to 2015, is awaiting a court's ruling Wednesday over allegations he overreported some 5.7 trillion won in net assets between 2012 and 2014.

The Seoul Central District Prosecutors’ Office summoned  the chief financial officer (CFO) of Daewoo Shipbuilding & Marine Engineering Co. (DSME ) today (Friday) over his alleged involvement in the financially troubled company’s accounting fraud. As per a report in Korea Herald, the Seoul prosecutors called Kim Youl-jung, 58, for questioning on allegations that he cooked the books to cover up the company's operating losses. The special investigation team said Kim is being grilled over accusations that the shipbuilder underreported some 120 billion won ($107 million) in business losses last year. The shipbuilder underreported some 120 billion won (US$107 million) in business losses last year…

According to a report from Bloomberg, Daewoo Shipbuilding & Marine Engineering Co., the world’s third-largest shipyard, expects orders for drilling vessels and offshore platforms to increase 18% this year, helped by higher fuel prices. Contracts for drill ships, semi-submersibles and offshore platforms may rise to $6b this year from $5.1b in 2010, according to Nam Sang Tae, Daewoo Shipbuilding’s chief executive officer, the report said. (Source: Bloomberg)

South Korean shipbuilders and analysts questioned the economic viability of the proposed plan to build a joint shipbuilding complex in the wake of the inter-Korean summit. The agreement between the two Koreas calls for the two sides to construct a joint shipbuilding complex in the North’s port city of Nampo, near Pyongyang. Most officials from major South Korean shipbuilders say that too many things are uncertain as of yet though Daewoo Shipbuilding & Marine Engineering (DSME) unveiled a bold plan to build a $150m block plant in the North’s city of Anbyeon. DSME President Nam Sang-tae told reporters that a block plant in the North Korean city with production capacity of 200…