Financial Services Commission Confirms Fines for Quantapia, Gyeyang Electric, and Aha

Preparation and Disclosure of Financial Statements Violating Accounting Standards

The Financial Services Commission has decided to impose fines on three companies?Quantapia (formerly CodeNature), Gyeyang Electric, and Aha?that committed accounting fraud.

On the 17th, the Financial Services Commission held its 7th meeting and imposed fines on the companies and their CEOs who prepared and disclosed financial statements in violation of accounting standards, in accordance with the Act on External Audit of Stock Companies and other related laws.

Quantapia, a KOSDAQ-listed company, was fined 11.2 million KRW for four individuals including the former CEO.

Gyeyang Electric, a KOSPI-listed company, was fined 69.7 million KRW for four individuals including the former CEO.

Aha, a KONEX-listed company, was fined 450.2 million KRW, and two individuals including the CEO were fined 90 million KRW.

Measures such as audit designation for these companies were previously approved at the Securities and Futures Commission meeting held earlier.