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Former chief of KDB questioned over Daewoo Shipbuilding crisis
By KH디지털2Published : Feb. 27, 2017 - 14:47
A former head of South Korea's state-run Korea Development Bank was questioned by prosecutors Monday in connection to management troubles at cash-strapped Daewoo Shipbuilding & Marine Engineering Co.
Hong Ky-ttack appeared at the Seoul Central District Prosecutors' Office in southern Seoul to undergo questioning after a local civic group filed a complaint against him in June last year.
People's Solidarity for Participatory Democracy accused Hong, who led KDB from 2013 to 2016, of business malpractice for lending the shipyard money without thoroughly checking its financial situation.
Hong's predecessor Kang Man-soo is standing trial for similar allegations.
The shipyard should pay off or refinance up to 1 trillion won ($869 million) worth of debts that mature this year, but the shipbuilder's financial status is not good enough to deal with the situation amid a dearth of new orders and a delay in the delivery of drill ships.
Earlier this month, KDB, the main creditor for the shipyard, ruled out any additional cash injections into the company, which means that Daewoo Shipbuilding has to pay off or refinance the maturing debt on its own.
South Korean shipbuilders have been under severe financial strain since the 2008 global economic crisis, which sent new orders tumbling amid a glut of vessels and tougher competition from Chinese rivals. (Yonhap)
