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Former KDB chief’s home, office raided in DSME probe

By Korea Herald

Published : Aug. 2, 2016 - 15:44

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[THE INVESTOR] Kang Man-soo, the former head of Korea Development Bank, has come under scrutiny in the expanding Daewoo Shipbuilding and Marine Engineering probe, with the prosecution raiding his home and office on Tuesday.

Kang, a former finance minister and former presidential advisor, is one of the closest aides of former President Lee Myung-bak.

Kang Man-soo Kang Man-soo

According to reports, the prosecution believes that Kang was involved in the wrongdoing of two former DSME CEOs -- Nam Sang-tae and Ko Jae-ho -- who have been indicted on a range of corruption charges.

Kang headed KDB from 2011 to 2013, which coincides with Ko and Nam’s terms as CEOs of DSME.

Kang is suspected of being involved in the two former DSME CEOs convincing the KDB -- the shipbuilder’s parent company -- to pay out massive bonuses. The shipbuilder’s former executives have been accused of manipulating account books to receive bonuses and to hide snowballing losses.

The prosecution also raided two companies unrelated to DSME on Aug. 1 in connection with the case. The two companies are said to be linked to Kang.

By Choi He-suk (cheesuk@heraldcorp.com)

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