www.sarwatch.org

Seoul-based Daewoo Shipbuilding & Marine Engineering Co, the world's third-largest shipbuilder, has signed a memorandum of understanding to buy a stake in a South African shipper.

The South Korean Yonhap news agency said on Wednesday that the shipbuilder would buy a 49 percent stake in Impinda, owned jointly by President Jacob Zuma's nephew Khulubuse Zuma and a Democratic Republic of Congo partner.

Impinda's business is focused on shipping crude oils and natural gas.

Khulubuse Zuma is also chairman of Aurora Empowerment Systems, which last year took control of Pamodzi Gold's two liquidated mines, Grootvlei and Orkney. - Sapa