[Alpha Biz=(Chicago) Reporter Kim Jisun] The Financial Supervisory Service has launched an investigation into allegations of inflating sales by Kakao Mobility's double contracts with affiliates.

The Financial Supervisory Service said on the 31st that it is currently reviewing and monitoring Kakao Mobility's financial statements. The Financial Supervisory Service is looking at the affiliated contracts of Kakao Mobility taxis and the accounting methods of business partnership contracts in this supervision.

Previously, Kakao Mobility receives 20% of its franchise taxi operating sales in the name of royalties through its subsidiary KM Solution. Kakao Mobility pays about 15 to 17 percent of its sales on the condition that operators with business partnership contracts among its member companies provide vehicle operation data and participate in advertising and marketing.

The Financial Supervisory Service believes Kakao Mobility has accounted for the entire 20% of its sales, although only 3 to 4% of the fare should have been accounted for as sales in this case. The Financial Supervisory Service estimates such inflated sales amounted to KRW 300 billion last year alone.

 

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