Financial Services Commission imposes 'penalties' on GSmart Global, EM Networks, and Jueun Tech
[Asia Economy Reporter Kwangho Lee] The Financial Services Commission announced on the 18th that it has decided to impose fines on Gsmart Global, EM Networks, Jueun Tech, and others for preparing and disclosing financial statements in violation of accounting standards.
Earlier, the Securities and Futures Commission under the Financial Services Commission decided on auditor designation measures for these three companies from July to October last year. The Financial Services Commission imposed a fine of 52.9 million KRW on two individuals including the CEO of Gsmart Global. A fine of 142.5 million KRW was decided against Jung Jinserim Accounting Corporation for negligence in the audit procedures of Gsmart Global.
Three individuals, including the former CEO of EM Networks, were fined 97.2 million KRW, and Daeju Accounting Corporation, which conducted the audit of this company in violation of audit standards, was fined 52.5 million KRW.
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The CEO of Jueun Tech and Byeokchon Certified Public Accountant Audit Team, which was negligent in auditing Jueun Tech, were each fined 2.7 million KRW.
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