South Korean Prosecutors Raid Daewoo Shipbuilding Offices
- Audit committee asks for investigation into two former CEOs
- Former company heads being probed for alleged mismanagement
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South Korea’s prosecutors raided the offices of Daewoo Shipbuilding & Marine Engineering Co. as the world’s second-largest shipbuilder tries to raise funds through asset sales to reduce debt.
The raid comes after an audit committee of Daewoo Shipbuilding requested an investigation into two former chief executive officers for alleged mismanagement of the company, the Geojae, South Korea-based shipyard said in an e-mailed response to a Bloomberg News query.