April 27, 2024
Industrials
DSME CEO questioned over accounting fraud
[THE INVESTOR] The head of Daewoo Shipbuilding & Marine Engineering was summoned by prosecutors on Jan. 17 in connection with covering up its losses.
Jung Sung-leep, 66, appeared before the Seoul Central District Prosecutors’ Office as a suspect on charges of violating the External Audit of Stock Companies Act.
Jung, who took office in May 2015, is suspected of ordering the company to underreport some 120 billion won (US$101 million) in business losses that year, despite his original pledge to break away from the past and to run the company transparently.
Ko Jae-ho, who headed the company from 2012 to 2015, is awaiting a court’s ruling on Jan. 18 over allegations he overreported some 5.7 trillion won in net assets between 2012 and 2014.
Ko’s predecessor Nam Sang-tae is also standing trial on bribery charges.
(theinvestor@heraldcorp.com)
Jung Sung-leep, 66, appeared before the Seoul Central District Prosecutors’ Office as a suspect on charges of violating the External Audit of Stock Companies Act.
Jung, who took office in May 2015, is suspected of ordering the company to underreport some 120 billion won (US$101 million) in business losses that year, despite his original pledge to break away from the past and to run the company transparently.
Ko Jae-ho, who headed the company from 2012 to 2015, is awaiting a court’s ruling on Jan. 18 over allegations he overreported some 5.7 trillion won in net assets between 2012 and 2014.
Ko’s predecessor Nam Sang-tae is also standing trial on bribery charges.
(theinvestor@heraldcorp.com)
