Korean Shipbuilder to Pay US$3.5-million Compensation

Maritime Activity Reports, Inc.

July 26, 2012

A Texas appeals court affirms US$3.5-million judgement against Daewoo Shipbuilding & Marine Engineering Co.

The court upheld a jury’s finding that the Korean company wrongfully refused to pay consultants who helped secure a $696 million contract to build supertankers.

The Fourteenth Court of Appeals held that the jury’s interpretation of an ambiguous agreement between Daewoo — the world's second largest shipbuilder — and Ikanco Inc. that resulted in the judgment was appropriate.

 

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