Possible Military Technology Leakage News

Korea Development Bank (KDB), which has been looking for a lead manager to replace Goldman Sachs, said it would sell Daewoo Shipbuilding & Marine Engineering on its own, Korea Times reported. Deloitte Anjin is known to have already made contracts with Hanwha and Doosan, potential bidders for the shipbuilder. Hence, the consulting firm had to drop the proposal from KDB due to conflicting interests. KDB, the largest shareholder of the shipbuilder, had selected Goldman Sachs as the lead manager of the sale, but cancelled after finding out that it had invested in a Chinese shipbuilder. As Daewoo had supplied submarine and other vessels to the Navy, there was concern about possible military technology leakage once Goldman Sachs took the deal.