Prosecutors investigating irregularities at Daewoo Shipbuilding & Marine Engineering have obtained circumstantial evidence that the current management board of the troubled firm has also manipulated accounts of over 120 billion won.
 
A special investigation team fighting corporate corruption on Friday called in for questioning the shipyard's Chief Financial Officer Kim Youl-jung as a suspect in the case.
 
According to investigators, the company is found to have cooked the books to downscale its operating loss last year by some 120 billion won, or about 107-point-five million dollars.
 
The rigged papers that underreported business losses are alleged to have been drafted sometime between January and March this year.    
 
The prosecution suspects that CFO Kim and others may have ordered the manipulation of accounts to prevent the firm's capital impairment ratio from exceeding 50 and avoid its shares from being designated as a supervised "administrative issue" in the stock market. 
 
The latest revelations come as Daewoo Shipbuilding's current management board had pledged to shift from past practices and run the company transparently.