Ex-CEO of DSME arrested

The former CEO of Daewoo Shipbuilding and Marine Engineering has been taken into custody as investigations into the company’s accounts continue.

Daewoo Shipbuilding and Marine Engineering’s headquarters in Geoje were raided by South Korean prosecutors due to alleged accounting irregularities in early June.

Accounting books, documents and hard drives were seized in order to investigate whether the company manipulated its 2013 and 2014 financial statements.

The prosecution has claimed to have evidence of “wrongdoing on the part of Nam” whilst serving as CEO between 2006 and 2012.

He is apparently suspected of having played a role in causing DSME’s current financial difficulties.

“In light of the circumstances and suspected criminal acts that came to light during questioning, it was deemed that there was significant need to take [Nam] into custody,” an official with the prosecutors’ office told the Korea Herald.

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