$4.6 bn Fraud

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JK
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$4.6 bn Fraud

Postby JK » Tue Jun 28, 2016 3:51 am

:shock:
and no one noticed?

Arrest beckons for former DSME boss as fraud investigation hots up
JUNE 28TH, 2016 Sam Chambers SAM CHAMBERS ASIA,
A former ceo of Daewoo Shipbuilding & Marine Engineering (DSME) was taken into custody today over the yard’s huge accounting fraud.

Nam Sang-tae had faced questions from prosecutors yesterday. He’d been handed a travel ban a number of months back as investigators upped their inquiry into the fraud which amounts to around $4.6bn. An arrest warrant is likely tomorrow, prosecutors say.

The 66-year-old ran DSME from 2006 to 2012. His successor is also under suspicion.

DSME is now going through a massive restructuring in no small part thanks to the losses stemming from the fraud.

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The Dieselduck
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Re: $4.6 bn Fraud

Postby The Dieselduck » Tue Jun 28, 2016 1:46 pm

Oh boy, we think we have it bad, all those shipping related enterprises in Korea are going to hit bottom real fast. Hope its not going to be a crash landing, but sure looks like it.
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JK
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Re: $4.6 bn Fraud

Postby JK » Wed Jun 29, 2016 3:35 am

yes, they are in a tailspin, watching the marine news. Rampant greed and fraud it seems.
Here's another:

Hanjin Shipping’s ex-chairwoman Choi Eun-young has been summoned again by the Seoul Southern District Prosecutors’ Office on suspicion of illegal insider trading.
Choi is accused of selling Hanjin Shipping stocks in April, just before the Korean line announced it would undergo a creditor-led debt restructuring.

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Merlyn
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Re: $4.6 bn Fraud

Postby Merlyn » Fri Jul 01, 2016 10:30 am

Best you flog off all those shares under the bed methinks
Remembering The Good Old days, when Chiefs stood watches and all Torque settings were F.T.

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D Winsor
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Re: $4.6 bn Fraud

Postby D Winsor » Sat Jul 02, 2016 1:35 pm

One thinks that they can guess where all the taxpayers money went for the wind turbine plant went that the company was supposed to build in Trenton NS
Troubleshooting 101 "Don't over think it - K.I.S.S. it"

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JK
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Re: $4.6 bn Fraud

Postby JK » Mon Jul 04, 2016 3:36 am

now they're investigating the previous CEO:

Another ex-boss of Daewoo Shipbuilding & Marine Engineering was grilled by prosecutors in Seoul today. A giant accounting fraud, to the tune of billions of dollars, has been unearthed at the Korean shipbuilder which has already seen a former ceo charged. Now Ko Jae-ho, ceo of DSME from 2012 to 2015, is being investigated.


I never thought of that Dave,
I wonder who will machine all of the tail shafts for the Canadian new builds with Trenton out of the business and the big lathe gone.


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