Financial Services Commission imposes a fine of 274 million KRW on Shineung for 'Accounting Standard Violations'

The Financial Services Commission announced on the 29th that it has decided to impose a fine of 273.9 million KRW on Shinheung, a KOSPI-listed company, for violating accounting standards.

Three individuals, including the CEO of Shinheung, were fined a total of 81.9 million KRW. Samil Accounting Corporation, which neglected audit procedures, was also fined 131.2 million KRW. It was found that Shinheung had overstated its inventory assets.

Additionally, two individuals, including the CEO of Gold Pacific, a KOSDAQ-listed company, were fined 33 million KRW for false reporting of sales and cost of sales.