Shinhwa Industrial Reported to Prosecutors by the Korea Securities and Exchange Commission... Also Fined 100 Million Won
[Asia Economy Reporter Minwoo Lee] Shinhwa Industrial was reported to the prosecution by the Securities and Futures Commission on the 9th on charges of falsely recording accounts receivable despite the company's funds being diverted to certain insolvent clients without legitimate expenditure grounds, and underestimating the allowance for doubtful accounts by disguising uncollectible amounts as accounts receivable from normal clients. Along with this, the Securities and Futures Commission took measures including ▲a fine of 12.26 million KRW ▲designation of auditor for 3 years ▲recommendation to dismiss the responsible executive ▲recommendation to dismiss the auditor.
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