Financial Services Commission fines Bident 4.6 billion KRW for 'Accounting Standards Violation'

On the 5th, the Financial Services Commission held its 2nd meeting and decided to impose a fine of 4.65 billion KRW on Vidente, a KOSDAQ-listed company, for preparing and disclosing financial statements in violation of accounting standards.

A fine of 520 million KRW was also imposed on two individuals, including the former CEO, and 260 million KRW on Daehyun Accounting Corporation.

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Vidente was pointed out for failing to disclose 80 billion KRW in related-party debt in the notes in 2021 and for not properly recognizing derivative liabilities in the financial statements.

The FSC also decided to impose fines on DI Dongil and Daehan Land Trust for preparing and disclosing financial statements in violation of accounting standards. DI Dongil was fined 4.24 billion KRW, three individuals including the former CEO were fined 1.05 billion KRW, and Shinhan Accounting Corporation was fined 180 million KRW.

Daehan Land Trust was fined 10 million KRW, and the former responsible executive was fined 7 million KRW.

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