Kyobo Life Insurance Files Complaint with Financial Authorities... "Strict Punishment for Deloitte Anjin Accountants"

"Collusion with Affinity Consortium"

[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance announced on the 16th that it has submitted a petition to the Financial Services Commission and the Financial Supervisory Service requesting an investigation and disciplinary action against Deloitte Anjin Accounting Corporation and its affiliated accountants, who were recently indicted by the prosecution.

Earlier, the prosecution indicted employees of the consortium including Affinity Equity Partners, IMM PE, Baring PE, and the Singapore Investment Corporation, as well as accountants from Anjin Accounting Corporation, on charges of violating the Certified Public Accountant Act related to false reporting and improper solicitation during the preparation of Kyobo Life Insurance's valuation report.

Kyobo Life Insurance pointed out that despite the prosecution's indictment, the Affinity consortium and Anjin Accounting Corporation are arbitrarily interpreting and distorting the indictment, misleading the essence of the illegal matters, and showing an attitude that disregards the authority of the judicial authorities.

In particular, they criticized the claim that the conspiracy charges revealed by the prosecution's investigation were merely part of a routine process, stating that this is an admission of violating the Certified Public Accountant Act by allowing the client to directly intervene in the evaluation work of the accounting firm, which should maintain independence.

Kyobo Life Insurance added that the actions of Anjin Accounting Corporation have intensified disputes among shareholders and have degraded Kyobo Life Insurance's management stability and reputation.

A Kyobo Life Insurance official said, "Not only has our position as a major insurer been affected, but serious managerial damage has also occurred. We judged that the impact of this damage extends beyond a specific company to society as a whole, so we submitted a petition to the financial authorities, earnestly requesting a thorough investigation and strict punishment."

This content was produced with the assistance of AI translation services.