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Ex Daewoo Shipbuilding chief jailed for accounting fraud

( December 26, 2017, 04:30 GMT | Insight) -- South Korea’s Supreme Court has confirmed a decision by a lower court to sentence Ko Jae-ho, a former CEO of Daewoo Shipbuilding & Marine Engineering, to nine years in prison on charges of accounting fraud worth 5.4 trillion won ($5.1 billion), Yonhap News reports.South Korea’s Supreme Court has confirmed a decision by a lower court to sentence Ko Jae-ho, a former CEO of Daewoo Shipbuilding & Marine Engineering, to nine years in prison on charges of accounting fraud worth 5.4 trillion won ($5.1 billion), Yonhap News reports. Ko was indicted for fabricating company financial statements and business plans between 2012 and 2014 to cover up the firm’s mounting deficits. He was also charged for causing financial damage to the shipbuilder by taking loans totaling 21 trillion won between 2013 and 2015 using bogus financial statements. Ko also paid 496 billion won in employee bonuses by using the fraudulently calculated profits. The supreme court dismissed Ko’s appeal and upheld the lower court’s verdict to imprison him for dereliction of duty....

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