Exchange Requests Disclosure Inquiry on Baekgwang Industry's Accounting Standard Violations
[Asia Economy Reporter Lee Seon-ae] The Korea Exchange requested Baekgwang Industry to disclose an inquiry regarding the report on notifying the prosecution for violation of accounting standards on the 14th. The disclosure deadline is until 6 PM on the 15th. Additionally, the Korea Exchange has suspended trading of Baekgwang Industry's common stock.
Earlier, the Securities and Futures Commission under the Financial Services Commission decided on sanctions against four companies, including Baekgwang Industry, for preparing and disclosing financial statements in violation of accounting standards.
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According to the Securities and Futures Commission, Baekgwang Industry, a listed company on the KOSPI market, falsely recorded loans from the company's largest shareholder as loans to related parties, and falsely noted related party transaction footnotes by reducing assets and liabilities. Baekgwang Industry was also investigated for obstructing external audits by submitting false debt offset agreements to the auditor.
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