Financial Services Commission imposes a 2.7 billion KRW fine on Seoul Jeyak for violating accounting standards
[Asia Economy Reporter Lee Jung-yoon] The Financial Services Commission imposed a fine exceeding 2.7 billion KRW on Seoul Pharmaceutical for preparing and disclosing financial statements in violation of accounting standards.
On the 26th, the FSC resolved to impose fines on Seoul Pharmaceutical and related company officials in accordance with the "Act on External Audit of Stock Companies" and the "Financial Investment Services and Capital Markets Act."
A fine of 2.7489 billion KRW was imposed on Seoul Pharmaceutical, and a fine of 477.4 million KRW was imposed on two former CEOs.
Seoul Pharmaceutical, a KOSDAQ-listed company, recognized false sales and cost of sales, resulting in an overstatement of net income and equity. Additionally, obstruction of external audits was detected.
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Accordingly, the Securities and Futures Commission under the FSC reported the company and two former CEOs to the prosecution and took measures including fines and a three-year audit designation.
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