Report: Prosecutors Charge DSME’s Former CFO

first_imgzoom The former Chief Financial Officer of the financially troubled Daewoo Shipbuilding & Marine Engineering (DSME) has been charged with taking part in the company’s accounting fraud worth KRW 5.4 trillion (USD 4.6 billion), according to Yonhap News Agency.Identified only by his surname Kim, the CFO was allegedly involved in the fraud during the period between 2013 and 2014.Yonhap reports that Kim was also a vice chairman of the company’s largest shareholder, the state-run Korea Development Bank (KDB).He held the position of DSME’s CFO from 2012 to 2015.The announcement follows the earlier questionings of two South Korean shipbuilder’s former Chief Executive Officer, Ko Jae-ho and Nam Sang-tae, as part of the accounting probe.Ko Jae-ho was at the helm of the company in the period from 2012 to 2014, while his forerunner Nam Sang-tae headed the shipbuilding firm from 2006 to 2012.The country’s the prosecutors raided the ailing shipbuilder’s offices on June 7 unveiling the accounting fraud and revealing that the company’s management undertook business projects without legitimate procedures.The probe also found that the shipbuilder’s main creditor Korea Development Bank (KDB) reportedly failed to conduct proper inspections on DSME’s management.World Maritime News Stafflast_img read more

Home Capital cuts 65 jobs as part of costsaving head count down

TORONTO — Home Capital Group Inc. (TSX:HCG) says it has eliminated 65 jobs from its workforce as part of a program to cut $15 million in annual costs.The Toronto-based alternative mortgage lender says after factoring in the latest job cuts, the company’s head count has been reduced by 10 per cent since the end of June.Home Capital said Monday it cut the 65 full-time positions from its operational, sales and underwriting division.In February 2017, the company announced an expense-savings initiative called Project Expo, which targeted annual cost savings of $15 million.Home Capital says Project Expo is largely complete and it expects to achieve its goal.However, the alternative mortgage lender says it is still facing elevated expenses after a run on deposits by customers in April, following allegations by regulators that it misled investors. read more