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Police raid arms procurement agency over suspected corruption in Aegis destroyer project

Police on Thursday raided the Defense Acquisition Program Administration (DAPA), as part of their investigation into allegations of possible corruption in the process of selecting Hyundai Heavy Industries as the preferred bidder for an indigenous Aegis-equipped destroyer development project in 2020. ....

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Number of conglomerate-affiliated firms up 7 in latest survey: FTC

Korea s antitrust regulator said Tuesday the number of conglomerate-affiliated companies subject to tighter supervision increased by seven from the previous tally. ....

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Hanwha Ocean named prime bidder for 2 new Navy frigates

Korean shipbuilder Hanwha Ocean was selected Friday as the preferred bidder to build two next-generation frigates for the country s Navy, sources said. ....

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DSME removed from Korea's list of conglomerates following merger

Korea s antitrust regulator said Monday the number of conglomerates in the country fell to 81 following the takeover of Daewoo Shipbuilding Marine Engineering (DSME) by Hanwha Group. ....

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Daewoo Shipbuilding to buy more stake in ship parts unit

Korean shipyard Daewoo Shipbuilding Marine Engineering (DSME) said Monday it will acquire an additional 4.7 percent stake in its ship parts subsidiary Samwoo Heavy Industry for 35 billion won ($26.5 million). ....

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