Hyosung hit with 5 billion won fine for illegal accounting

Industry

Hyosung hit with 5 billion won fine for illegal accounting

Korea’s financial regulator said Wednesday it fined Hyosung, a chemical and textile flagship of Hyosung Group, 5 billion won ($4.4 million) for illegal accounting.

In a statement the Financial Services Commission (FSC) said Hyosung intentionally reduced net losses and debt between 2013 and 2016.

Hyosung is also accused of reporting incorrect information in its four stock filings between 2013 and 2016, according to the FSC.

Samil PwC, an accounting firm that audited Hyosung’s accounting books, has been slapped with a 1.2 billion won fine for not carrying out a proper audit.