The troubles for embattled Daewoo Shipbuilding & Marine Engineering (DSME) continue with the South Korean financial watchdog urging state-run lender Korea Development Bank (KDB) to sell its shares in companies that are not part of its core business. KDB became the largest shareholder in DSME when it fell into difficulties in the early 2000s and the troubles for the shipbuilder have mounted again in recent months not only because of the fall in offshore orders but because of the revelation in its recent second quarter results that it had concealed US $2.5 Bn in losses from offshore projects.
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