The Securities and Futures Commission Approves Sanctions Against Chamzon Global and Others for False Asset Reporting

[Asia Economy Reporter Heo Kyung-jun] The Securities and Futures Commission under the Financial Services Commission decided sanctions against two companies, including Chamzon Global, for preparing and disclosing financial statements in violation of accounting standards at its 18th meeting on the 18th.

According to the Securities and Futures Commission, Chamzon Global, a KOSDAQ-listed company manufacturing industrial robots, was found to have falsely recorded assets under the name of "business guarantee deposits" to conceal the embezzlement of company funds.

It was also discovered that the company arbitrarily increased advance payments for amounts determined to be recoverable depending on uncertain litigation outcomes, thereby overstating its equity capital.

The Securities and Futures Commission decided to impose a 12-month restriction on securities issuance for Chamzon Global.

Additionally, the Commission decided on sanctions against Jueun Tech, an unlisted company. Jueun Tech, a manufacturer of molds and dies, was found to have overstated sales and cost of sales during the preparation of its financial statements.

The Commission imposed a fine on the company, a 4-month restriction on securities issuance, and a 2-year auditor designation measure.

Restrictions on audit work were also decided for Byeokchon Certified Public Accountant Audit Team and the certified public accountant who audited Jueun Tech.

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