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| 금융위원회 (사진=연합뉴스) |
[Alpha Biz=(Chicago) Reporter Paul Lee] The Securities and Futures Commission (SFC) under the Financial Services Commission said on the 8th that it has approved sanctions against six companies that violate accounting standards.
On this day, the Securities and Futures Commission announced that it decided to impose sanctions on Maeil Broadcasting (MBN), Samhwa Electronics Industry, and Dynamic Design. Among them, MBN was sanctioned by financial authorities in October 2019 for accounting fraud related to expedient capital appropriation.
According to the Securities and Futures Commission, MBN took out borrowed-name loans from banks under the names of executives and employees to raise minimum capital at the time of approval and bought company shares, but falsely prepared them by not reflecting them in its financial statements. In a related development, the Securities and Futures Commission imposed fines on MBN and Maeil Business Daily and decided to take considerable measures to recommend the dismissal of former executives. In addition, the government decided to restrict audit work for certified public accountants who neglected the audit process for MBN.
In addition, the Securities and Futures Commission imposed a fine of 253.1 million won on Samhwa Electronics, a securities market-listed corporation that violated accounting standards, and designated auditors. The auditor, Daemyung Accounting Corporation, was ordered to set aside an additional 70% of the joint fund for damages and to restrict audit work.
It was also decided to impose fines on emerging securities listed companies that overappropriated inventory assets. The fine will be finalized by the Financial Services Commission and will be designated as an auditor for three years. The auditor, Samil Accounting Corporation, was also subject to fines.
Securities & Futures Commission imposed a fine of 70.5 million won on Dynamic Design, a securities market-listed company. The two former executives voted for a significant measure to recommend dismissal.
As for Gold Pacific, a KOSDAQ-listed corporation, it has decided to impose a fine of 392.8 million won and two years of sanctions on auditor designation measures for false accounting of sales and sales costs.
The former CEO and two former executives of Gold Pacific were accused by the prosecution along with recommendations for dismissal and dismissal.
AlphaBIZ 폴리(hoondork1977@alphabiz.co.kr)
