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Daewoo CEO questioned over attempts to cover up losses

The chief executive of struggling Korean shipbuilder Daewoo was questioned by state prosecutors on Tuesday over allegations that the yard tried to cover a major deficit in 2015 by underreporting losses.
Photo: Thorbjørn Hansen
Photo: Thorbjørn Hansen
by DANIEL LOGAN

Daewoo Shipbuilding & Marine Engineering (DSME) is currently in a dire financial state as the low oil price and overcapacity in the global shipping market keeps orders at a minimum.

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