Most Popular
-
6
Rare mid-May heavy snow warning issued over mountainous areas of Gangwon
-
7
Why Korean crime stories typically feature nameless, faceless perpetrators
-
8
CIO chief nominee to explain allegations at confirmation hearing
-
9
Yoon vows to run country 'rightly' on Buddha's birthday
-
10
[Bridge to Africa] S. Korea-to-Zimbabwe value chains can foster ‘win-win’ cooperation
![[Bridge to Africa] S. Korea-to-Zimbabwe value chains can foster ‘win-win’ cooperation](//res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/05/14/20240514050881_0.jpg&u=20240515223025)
![[Bridge to Africa] S. Korea-to-Zimbabwe value chains can foster ‘win-win’ cooperation](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=644&simg=/content/image/2024/05/14/20240514050881_0.jpg&u=20240515223025)
Seoul prosecutors on Friday called in the chief financial officer of Daewoo Shipbuilding & Marine Engineering Co. for questioning on allegations that he cooked the books to cover up the company's operating losses.
The special investigation team said Kim Youl-jung, 58, is being grilled over accusations that the shipbuilder underreported some 120 billion won ($107 million) in business losses last year.
About a week ago, the prosecution indicted former head of the company Ko Jae-ho on charges of overreporting some 5.7 trillion won in net assets between 2012 and 2014. Ko headed the company from 2012 to 2015.
Ko's predecessor Nam Sang-tae was also indicted in the same month on bribery charges.
Earlier this year, the shipyard said it had much larger losses in 2013 and 2014 than earlier reported profits, citing accounting mishaps.
The Board of Audit and Inspection, the country's state audit agency, has said the shipyard is suspected of rigging its books to hide up to 1.5 trillion won in losses from 2013 and 2014.
The shipyard, along with two other major South Korean shipbuilders, is currently undergoing self-created debt-restructuring plans in the face of a decrease in new orders caused by the protracted global economic slump. (Yonhap)
The special investigation team said Kim Youl-jung, 58, is being grilled over accusations that the shipbuilder underreported some 120 billion won ($107 million) in business losses last year.
About a week ago, the prosecution indicted former head of the company Ko Jae-ho on charges of overreporting some 5.7 trillion won in net assets between 2012 and 2014. Ko headed the company from 2012 to 2015.
Ko's predecessor Nam Sang-tae was also indicted in the same month on bribery charges.
Earlier this year, the shipyard said it had much larger losses in 2013 and 2014 than earlier reported profits, citing accounting mishaps.
The Board of Audit and Inspection, the country's state audit agency, has said the shipyard is suspected of rigging its books to hide up to 1.5 trillion won in losses from 2013 and 2014.
The shipyard, along with two other major South Korean shipbuilders, is currently undergoing self-created debt-restructuring plans in the face of a decrease in new orders caused by the protracted global economic slump. (Yonhap)
