Korean Ministry Of National Defense News

Financially-troubled Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. has reportedly filed a lawsuit against the Korean Ministry of National Defense after it apparently was not selected for a $1 billion military submarine contract. Hyundai Heavy Industries Co., is the apparent winner for the project, pending legal action. The filing will delay the submarine project, which was to start next month and run until 2009.

Financially-troubled Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. has reportedly filed a lawsuit against the Korean Ministry of National Defense after it apparently was not selected for a $1 billion military submarine contract. Hyundai Heavy Industries Co., is the apparent winner for the project, pending legal action. The filing will delay the submarine project, which was to start next month and run until 2009.