FSS reviewing GM Korea’s accounting practices

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FSS reviewing GM Korea’s accounting practices

Korea’s financial regulators have been reviewing the accounting practices of GM Korea, officials said Thursday, amid allegations that the local unit of General Motors may have inflated the cost of sales.

In a statement, the Financial Services Commission said the Financial Supervisory Service, which receives directives from the FSC, is “closely” reviewing the accounting practices of GM Korea.

The FSC “will later decide on whether to launch an audit into GM Korea upon consideration of the opinions from the FSS,” the statement said.

The statement came after local media outlets reported that the FSC had launched a “special audit” against GM Korea.

For years, concerns have lingered that General Motors might pull out of Korea, as the U.S. carmaker has been gradually reducing its presence in the country over poor sales and high labor costs.

In the first 11 months of this year, GM Korea’s sales fell 12 percent from last year to 479,058 cars.

DSME lands W430.5 billion deal to build gas facilities

Daewoo Shipbuilding and Marine Engineering said Thursday that it had signed a 430.5 billion won ($394 million) deal to build a vessel and offshore facility.

Daewoo said it would deliver a floating storage and regasification unit and a liquefied natural gas carrier to Maran Gas Maritime, a subsidiary of Greece’s largest shipping company, Angelicoussis Shipping Group, by May 2020.

Daewoo said it also won a separate order worth $82 million to build a very large crude carrier for Aeolos, another Greek shipping company, earlier this week.

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