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Biz News Korea(Eng)

Daewoo Shipbuilding suspected of window dressing in 2013 and 2014 profit

Collected: 2016.03.25

Distributed: 2016.03.28

Source: Go Direct

South Korea’s leading shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) and its accountant could anger shareholders and possibly face litigation actions on charges of window-dressing as the troubled shipbuilder is required to spread out some of the record-high losses of last year across in the accounts of the previous two years.

DSME last year reported operating loss slightly over 5.5 trillion won ($4.7 billion), and its accountant Deloitte Korea ordered the shipbuilder to redress the books in 2013 and 2014 upon discovering flaws while examining the 2015 financial sheet.

Deloitte will disclose the revised financial statement before the shareholder’s meeting. The shipbuilder previously said its disclosure for 2015 settlement was being delayed.

Although the cumulative three-year loss won’t change from the previously reported 5.5 trillion won, the operating profits of 424.2 billion won in 2013 and 454.3 billion won in 2014 could transform into red figures when the 2015 loss share is spread out. The practice of deliberately hidden, omitted, or manipulated financial statement that leads to misrepresentation of the corporate health and performance can lead to litigation as its investors have been deceived by the rosier statement of the company.

By Park Yong-beom, Noh Hyun

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