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[THE INVESTOR] Daewoo Shipbuilding and Marine Engineering ’s debts began snowballing in 2009, an opposition lawmaker revealed on Sept. 8.
However, the Korea Development Bank began making preparations for a possible default situation only in June 2015.
According to the data KDB, DSME’s largest shareholder and creditor, provided to Rep. Park Yong-jin of the main opposition The Minjoo Party of Korea, DSME’s loans quadrupled from 2008 to 2009.
The data showed that at the end of 2008, DSME had 219.6 billion won (US$ 200.95 million) outstanding loans. By the end of the following year, however, the figure stood at 863 billion won.
In addition, the company had issued letters of credit and commercial papers to raise 999.9 billion won and 500 billion won, respectively, by the end of 2009. At the end of 2008, the company had no debts raised with letters of credit or corporate papers, the data showed.
In addition, the KDB and the Export-Import Bank of Korea continued to raise the credit ceiling for shipbuilders well after commercial banks lowered the ceiling.
“DSME was already showing signs of difficulties in 2008, but the financial authorities, accounting firm and credit rating agency worked together to deceive the public,” Park said.
By Choi He-suk (cheesuk@heraldcorp.com)
However, the Korea Development Bank began making preparations for a possible default situation only in June 2015.
According to the data KDB, DSME’s largest shareholder and creditor, provided to Rep. Park Yong-jin of the main opposition The Minjoo Party of Korea, DSME’s loans quadrupled from 2008 to 2009.
The data showed that at the end of 2008, DSME had 219.6 billion won (US$ 200.95 million) outstanding loans. By the end of the following year, however, the figure stood at 863 billion won.
In addition, the company had issued letters of credit and commercial papers to raise 999.9 billion won and 500 billion won, respectively, by the end of 2009. At the end of 2008, the company had no debts raised with letters of credit or corporate papers, the data showed.
In addition, the KDB and the Export-Import Bank of Korea continued to raise the credit ceiling for shipbuilders well after commercial banks lowered the ceiling.
“DSME was already showing signs of difficulties in 2008, but the financial authorities, accounting firm and credit rating agency worked together to deceive the public,” Park said.
By Choi He-suk (cheesuk@heraldcorp.com)
