A prosecution investigation has found that Daewoo Shipbuilding and Marine Engineering, one of the top three domestic shipyards, rigged its accounting books to the tune of nearly five trillion won between 2012 and 2014.

A special investigative team probing Daewoo Shipbuilding's accounting fraud unveiled the news while requesting an arrest warrant for the company's former vice chief surnamed Kim, who served as the chief financial officer(CFO) during those years.

The scale of the firm's accounting fraud is expected to rise even further as prosecutors are looking into all of some 500 project orders Daewoo won over the past decade since 2006. This is even before former company president Ko Jae-ho and vice president Kim began to serve in 2012.

In addition to fraud, investigators are also said to have applied charges of breach of trust against Kim in connection  with the allegation the company lashed out bonuses to its executives after manipulating accounting books to turn its massive deficits into a surplus.