South Korea sticks with aid for Daewoo despite fraud case

The South Korean Financial Services Commission, FSC, maintains its plans to restructure major shipbuilder Daewoo in spite of an ongoing corruption case. A collapse of the yard would hit the country's shipping sector hard, says FSC chairman according to Korean media.

Photo: Thorbjørn Hansen

The major yard group Daewoo Shipbuilding & Marine Engineering (DSME) is facing severe problems.

The company, one of South Korea's three top shipyards, is on the brink of bankruptcy and also finds itself in the midst of a corruption case in which charges have been filed against members of the former executive team.

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