Daewoo E&C plunges on accounting fraud allegation


Daewoo E&C plunges on accounting fraud allegation

26 March 2015

Maeil Business Newspaper

Shares in Daewoo Engineering & Construction plunged Thursday morning on concerns that the builder may receive a sanction for possible accounting fraud. The company’s stock price sank 7.43 percent to trade at 7,600 won at 10:55 a.m. Sources said financial authorities found a clue that the builder committed accounting irregularities worth more than 1.4 trillion won ($1.27 billion) and are poised to impose a sanction. A local media reported the Financial Supervisory Service will bring the case to a review committee. Daewoo Engineering & Construction and its accounting firm are declining the accounting fraud allegation.


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