Diak Files Lawsuit Against Dasan Accounting Corporation

[Asia Economy Reporter Minji Lee] Diarc (formerly OncoQuest Pharmaceutical) announced on the 13th that it has filed a lawsuit worth hundreds of billions of won against Dasan Accounting Corporation, which issued a disclaimer of opinion for the 2020 fiscal year audit, and the responsible auditor in charge.

Diarc received an unqualified opinion on the financial statements for the 2021 fiscal year, resolving the cause for delisting. The 2021 fiscal year financial statement audit reflected the evaluation of the bio business, on which Dasan Accounting Corporation had issued a disclaimer of opinion due to the evaluation of discontinued operations caused by the spin-off. After the disclaimer of opinion for the 2020 fiscal year audit, Diarc obtained court approval for a capital contribution in kind.

The company stated, “Despite incurring tens of billions of won in costs and efforts for accounting treatment and valuation of bio assets and providing all audit evidence requested by Dasan, the irresponsible audit behavior that avoided direct judgment on valuation and accounting treatment caused the trading suspension,” adding, “They must take responsibility for the enormous damage caused to shareholders and numerous stakeholders.”

Furthermore, the company claims that Dasan leaked insider information to the market. The company explained, “There is sufficient circumstantial evidence that Dasan leaked insider information to the market, such as the stock price plummeting even before the auditor’s opinion was announced,” and added, “We will request an investigation by the relevant authorities.”

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