(Photo= Yonhap news)

[Alpha Biz= Reporter Kim Jisun] On the 29th, the Financial Services Commission decided to impose a fine of 1.4929 billion won on Osstem Implant for violating accounting standards in the preparation and disclosure of financial statements.

According to the Financial Services Commission, Osstem Implant failed to properly reflect losses incurred from stock transactions using company funds in September 2020. Additionally, in 2021, the former head of the finance team misappropriated company funds totaling 90 billion won for personal stock investments, which were accounted for as cash and cash equivalents. The company also refused to submit data without valid reasons.

In related actions, the Securities and Futures Commission under the Financial Services Commission recommended the dismissal of the CEO of Osstem Implant and notified the prosecution of relevant individuals last month.

 

 

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