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Korea Development Bank CEO cuts off tax money for Daewoo

The CEO of state-owned Korea Development Bank, Lee Dong-geol, rejects that struggling shipyard Daewoo Shipbuilding will be given more tax-funded financial support, report Korean media.
Photo: Thorbjørn Hansen
Photo: Thorbjørn Hansen
by SØREN PICO

Distressed, South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) will not receive further capital injections funded by taxpayers, said CEO and chairman of state-owned Korea Development Bank (KDB), Lee Dong-geol, at a press conference in Seoul Wednesday, according to several South Korean media.

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