Updated Monday, May 19, 2008 0:00 am TWN, AFP

Goldman Sachs axed from South Korea shipyard sale

SEOUL -- U.S. investment bank Goldman Sachs has been axed as coordinator for the sale of South Korea’s Daewoo Shipbuilding and Marine Engineering, the world’s third largest shipyard, a creditor bank said Sunday.

The state-run Korea Development Bank gave no reason for the decision. But South Korea’s Yonhap news agency earlier reported creditors were unhappy with Goldman Sachs’ appointment as main coordinator of the sale because it has a stake in a Chinese shipyard.

 

 

 

 

 

 

 

 

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