Ex-Daewoo Shipbuilding CEO gets six years in jail for fraud

© Khunaspix Dreamstime.

A Seoul court this morning sentenced former DSME chief executive Nam Sang-tae to six years in jail after he was found guilty earlier this year of string of offences, including embezzlement and taking bribes. Daewoo is one of the largest shipbuilders in the world and constructed Maersk Line’s first Triple-E series, but suffered hugely following the collapse of the global shipbuilding industry, having received state subsidies amounting to around $11bn. His crimes included buying a stake in another shipbuilding firm at ...