Securities and Futures Commission Files Criminal Complaint Against Nokwon C&I for 'Accounting Standards Violations'
[Asia Economy Reporter Lee Gwan-joo] The Securities and Futures Commission under the Financial Services Commission held a regular meeting on the 10th and decided to file a criminal complaint against KOSDAQ-listed company Nokwon CNI for violating accounting standards.
Along with this, the Securities and Futures Commission decided to impose a fine of 267.1 million KRW and a penalty of 50 million KRW.
The commission found that Nokwon CNI overstated non-asset deposits and investment stocks in subsidiaries to raise funds for embezzlement by the former CEO from 2015 to 2018.
Moreover, convertible bonds with early redemption rights exercisable within one year should have been classified as current liabilities but were instead classified as non-current liabilities.
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Samduk Accounting Corporation, which conducted the audit, was subjected to measures including a two-year restriction on auditing Nokwon CNI and an additional 20% contribution to the joint compensation fund.
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