Financial Services Commission imposes fines on 5 companies including Baekgwang Industry for 'Accounting Standards Violations' and accounting firms

[Asia Economy Reporter Lee Jung-yoon] The Financial Services Commission has decided to impose fines on five companies, their officials, and accounting firms for preparing and disclosing financial statements in violation of accounting standards.

On the 9th, the Financial Services Commission held its 20th meeting and imposed fines on Baekgwang Industrial, Aluco, Jayutour, NSN, SSR, their company officials, Shinseong Accounting Corporation, and Cheongdam Accounting Corporation in accordance with the Act on External Audit of Stock Companies and the Act on Capital Markets and Financial Investment Business.

Baekgwang Industrial and two representatives, including the CEO, were fined 413.2 million KRW and 82.6 million KRW respectively. Aluco, two individuals including the former CEO, and Shinseong Accounting Corporation, which conducted the audit, were fined 516.8 million KRW, 60.6 million KRW, and 123.7 million KRW respectively. Former CEO and another individual of Jayutour were fined 3 million KRW.

Additionally, a former executive of NSN and Cheongdam Accounting Corporation, which conducted the audit, were fined 7.1 million KRW and 75 million KRW respectively, and SSR and three individuals including the former CEO were fined 626.2 million KRW and 6.6 million KRW.