Financial Services Commission imposes 1.5 billion KRW fine on Osstem Implant for accounting standards violation

[Image source=Yonhap News]

On the 29th, the Financial Services Commission decided to impose a fine of 1.4929 billion KRW on Osstem Implant for preparing and disclosing financial statements in violation of accounting standards.

According to the Financial Services Commission, Osstem Implant incurred losses from trading stocks using company funds in September 2020 but failed to properly reflect this in the accounting records.

Additionally, the former head of the finance team embezzled a total of 90 billion KRW of company funds for personal stock investments in 2021, which was accounted for as cash and cash equivalents.

Osstem Implant also refused to submit materials without a valid reason.

In relation to this, last month, the Securities and Futures Commission (SFC) under the Financial Services Commission recommended the dismissal of Osstem Implant's CEO.

Furthermore, the Financial Services Commission decided to impose fines on other companies that violated accounting standards, including SBW Life Science (996.4 million KRW), SKN Pulse (360 million KRW), CNPlus (283.5 million KRW), Jiranjigyo Security (115.8 million KRW), Pinotech (73.1 million KRW), and Pantech C&I Engineering (32.9 million KRW).