Prosecutors Raid Quantapia... Violation of Accounting Standards

The prosecution has launched a compulsory investigation into Quantapia, a renewable energy company accused of violating accounting standards.

Seoul Southern District Prosecutors' Office, Yangcheon-gu, Seoul.
Photo by Daehyun Kim kdh@

The Joint Investigation Unit on Financial and Securities Crimes of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Gong Junhyuk) announced on the morning of the 2nd that they are conducting a search and seizure at Quantapia's headquarters and related parties.

Quantapia is suspected of falsifying sales and cost of sales figures in 2018 and obstructing external audits.

Earlier, the Securities and Futures Commission imposed a fine of 60 million won on Quantapia in December last year and took measures including appointing an auditor for two years. It also recommended the dismissal of former executives and supervisory committee members and reported the company’s corporation and former CEO to the prosecution.

Meanwhile, Quantapia has been subject to a substantial review of listing eligibility, resulting in a suspension of trading, and is currently undergoing delisting review by the stock exchange.