Daewoo Shipbuilding and Marine Engineering Co. has won a court battle against a corporate watchdog that levied tens of billions of won in fines for underpaying subcontractors, court officials said Monday.

The Supreme Court ruled in favor of the DSME on Thursday in the suit filed by the shipbuilder against the Fair Trade Commission in 2013, upholding a ruling by the Seoul Appellate Court which nullified the fine, according to the officials.

The FTC fined the shipbuilder 26.7 billion won ($24.4 million), saying 89 subcontractors were not paid 43.6 billion won between 2008 and 2009 by the DSME, which the corporate watchdog accused of calculating the prices of the products of the subcontractors unfairly.