Financial Services Commission Confirms 460 Million KRW Fine on DL Pharm

Actions Taken Based on Investigation and Audit Results of Business Reports

The Financial Services Commission has finalized a fine of approximately 457 million KRW related to accounting fraud by DL Pharm.

On the 3rd, at the 6th meeting, the Financial Services Commission resolved to impose fines on DL Pharm, its three executives including the CEO, and the auditor for preparing and disclosing financial statements in violation of accounting standards, in accordance with the Act on External Audit of Stock Companies.

DL Pharm was fined 457.1 million KRW, the three executives including the CEO were fined 127.1 million KRW, and the auditing firm Taeung Certified Public Accountants Audit Team was fined 14 million KRW.

Earlier, on the 27th of last month, the Securities and Futures Commission had resolved to designate an auditor and take other measures regarding the company.