On the 16th, the Financial Services Commission announced that at its 7th meeting, it resolved to impose a total fine of 45 million KRW on three company officials, including the former CEO of Setopia, a KOSDAQ-listed company, for preparing and disclosing financial statements in violation of accounting standards.
Setopia, a steel manufacturing company, was found to have overstated financial assets and liabilities by approximately 8 billion KRW by accounting as if the subscription payment for convertible bonds issued by its subsidiary in 2019 had been paid, even though it had not been received.
Previously, the Securities and Futures Commission imposed a fine of 270 million KRW, a penalty of 100 million KRW, and a three-year audit designation on Setopia. It also recommended dismissal for the former responsible executive of Setopia and requested corrective measures. Additionally, the company, the former CEO, and the former executive director were reported to the prosecution.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
