[Asia Economy Reporter Kim Heung-soon] The Securities and Futures Commission under the Financial Services Commission held a regular meeting on the 1st and announced that it decided to file a criminal complaint with the prosecution against NanoCamtech and two former executives for preparing and disclosing financial statements in violation of accounting standards.
According to the Securities and Futures Commission, NanoCamtech, a KOSDAQ-listed company that manufactures plastic adhesive treatment products, did not disclose transactions with key executives and companies controlled by executives, who are related parties, in the notes to the financial statements for the 2018-2019 fiscal years. Accordingly, the Commission decided to file a criminal complaint against NanoCamtech, the former CEO, and the former inside director, and resolved to impose fines and designate auditors for three years.
Additionally, the Commission imposed a fine of 308.3 million KRW on Cody, a KOSDAQ-listed chemical product manufacturer, and decided to designate auditors for two years. Cody was found to have overstated equity capital and other items in the 2015-2017 financial statements, as well as overestimated future demand and sales prices of development products classified as intangible assets.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
