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FSS chief urges banks to normalize DSME

PUBLISHED : April 21, 2017 - 10:15

UPDATED : April 21, 2017 - 10:15

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[THE INVESTOR] Korea’s top financial regulator on April 21 called for heads of banks to play a “responsible role” in normalizing Daewoo Shipbuilding & Marine Engineering.

Zhin Woong-seob, governor of the Financial Supervisory Service, also asked banks not to aggressively collect debt from shipbuilders and their subcontractors, given their financial strains over a downturn in the shipbuilding industry.

It is the first time that the financial regulator asked for cooperation with banks since June last year, when the government announced a set of plans to restructure the nation’s top three shipbuilders.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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