[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering Co. confirmed that a former employee had embezzled 18 billion won ($15.3 million), in a disclosure notice on June 15. 

The notice confirmed news reports that a former employee had embezzled a total of 18 billion won and that the suspect is currently in custody of the authorities.

The company said that it filed a criminal complaint against the suspect in January over the alleged embezzlement of 6 billion won, and that evidence implicating the suspect in embezzlement of a further 12 billion won was submitted in March.

Following the initial news report, Korea Exchange issued a trading ban on DSME, as of 8:14 a.m., and the ban was lifted at 11:15 a.m. after the company posted the notice.

At the start of market, DSME shares opened at 4,420 won, down from the previous day’s closing price of 4,610 won.

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