The Securities and Futures Commission Files Criminal Complaint Against Nokwon CNI for Accounting Standards Violations
[Asia Economy Reporter Park Jihwan] The Securities and Futures Commission under the Financial Services Commission held a regular meeting on the 10th and announced that it decided to file a criminal complaint against Nokwon CNI, a KOSDAQ-listed company, for violating accounting standards, and impose a fine of 267.1 million KRW and a penalty of 50 million KRW.
According to the Securities and Futures Commission, Nokwon CNI was found to have overstated non-asset deposits and investment stocks in subsidiaries from 2015 to 2018 to cover embezzlement funds by the former CEO.
Additionally, convertible bonds with early redemption rights exercisable within one year should have been classified as current liabilities but were classified as non-current liabilities.
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Samduk Accounting Corporation, which served as the auditor, 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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