SKorea military to supervise Daewoo shipyard sale: report

0 Comments | AFP, May, 2008

SEOUL (AFP) — South Korean military intelligence officials will monitor the sale of Daewoo Shipbuilding and Marine Engineering, the world's third largest shipyard, a report said Sunday.

The move is aimed at curbing leaks of the company's weapons-related technology, Yonhap news agency said. The shipyard produces submarines, destroyers and other military equipment.

Creditors control Daewoo Shipbuilding, which went bankrupt in the aftermath of the 1997-98 Asian financial crisis. They plan to select a preferred bidder as early as August for their combined 50.4 percent stake.

"The government is considering mobilising military intelligence agents for the upcoming due diligence," an unnamed government official was quoted by Yonhap as saying.

The government...