Korea Aerospace Industries "Current and Former Executives Accused of Accounting Standards Violations... Acquitted"
[Asia Economy Reporter Park Jihwan] Korea Aerospace Industries announced on the 9th that it received a not guilty verdict from the Seoul District Court regarding allegations of accounting standard violations by former and current executives who were reported to the prosecution.
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The issue involved allegations that during the accounting periods from 2013 to the first quarter of 2017, sales of 535.8 billion KRW and net income of 46.5 billion KRW were overstated through immediate revenue recognition upon advance payment, manipulation of material issuance, non-reflection of loss provisions and business expenses, and cost misallocation.
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