After Daewoo Shipbuilding and Marine Engineering's (DSME) offices were subjected to a dawn raid last week by the country's state prosecutor, evidence has now been found which suggest fraud totaling USD 1.26 billion in the company's books, writes Korean news agency Yonhap.

South Korea's Board of Audit and Inspection (BAI) on Wednesday set a figure on the alleged fraud. Specifically, the operating profit in 2013 was overstated by 44 billion won (USD 37.4 million), while the same item in 2014 accounts were made up to look 1.09 trillion won better than in reality.