'Accounting Violation' Vidente... Securities and Futures Commission Decides to Notify Prosecutors and Impose Fine

Vident, a Kosdaq-listed broadcasting equipment manufacturer, was caught by financial authorities for disclosing financial statements that violated accounting standards.

The Securities and Futures Commission under the Financial Services Commission decided at its regular meeting on the 6th to notify the prosecution and take other measures against Vident, a Kosdaq-listed company that prepared and disclosed financial statements in violation of accounting standards.

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Additionally, measures such as a three-year auditor designation and imposition of fines (with the final amount to be decided by the Financial Services Commission) were also taken.

Vident, a broadcasting equipment manufacturer, was pointed out for failing to disclose 80 billion KRW in related-party debt in the notes in 2021 and for not properly accounting for derivative liabilities in the financial statements.

This content was produced with the assistance of AI translation services.