Financial Services Commission imposes fines on Hyundai Yakpum and two other companies for accounting standard violations

Financial Services Commission

On the 16th meeting, the Financial Services Commission announced on the 13th that it has decided to impose fines on three companies, DA Technology, Mediforum, and Hyundai Yakpum, for preparing financial statements in violation of accounting standards.

DA Technology, an automobile equipment manufacturer, was fined 553.6 million KRW. The Financial Services Commission also notified a fine of 165.9 million KRW each to the company's former CEO and two others, and a fine of 82.5 million KRW to the accounting firm Gilin, which audited the financial statements.

For Mediforum, a pharmaceutical manufacturer, fines totaling 60.1 million KRW were decided for the former CEO and three others.

Additionally, Hyundai Yakpum was fined 1.6578 billion KRW, with the CEO of Hyundai Yakpum fined 331.4 million KRW. The auditor, Han Young Accounting Corporation, was also fined 60.9 million KRW.