Gwangrim and Hancom Frontis Fined for Accounting Violations

On the 13th, the Financial Services Commission resolved to impose fines on Kwanglim and Hancom Frontis for preparing and disclosing financial statements in violation of accounting standards at its 22nd meeting, in accordance with the Act on External Audit of Stock Companies.

Kwanglim was fined 242.4 million KRW, and three individuals including the former CEO of Kwanglim were fined a total of 72.6 million KRW.

Hancom Frontis was fined 95 million KRW, and two individuals including the CEO of Hancom Frontis were fined 19 million KRW.

Earlier, in October, the Securities and Futures Commission under the Financial Services Commission resolved to impose fines and designate auditors for two companies, including Kwanglim.