Penalties for excessive sales of 4 companies including the Financial Services Commission and Seegene

[서울=뉴스핌] Reporter Lim Seong-bong = The Securities and Futures Committee of the Financial Services Commission has imposed fines on four companies, including Seegene, a diagnostic kit for novel coronavirus infection (Corona 19).

According to the Financial Services Commission on the 8th, the Jeungseon Committee held a second interim meeting on the same day and decided to impose a fine on Seegene, three years of appointment as an auditor, recommend dismissal of executives in charge, six months of job suspension, and recommendations for improving internal control.

Seegene was found to have overestimated or overestimated assets such as sales and cost of sales by randomly carrying out orders exceeding the order amount to the agency from 2011 to 2019 and then recognizing all of them as sales.

In addition, it was investigated that S-Mark, an unlisted corporation, used the capital increase by falsely stating the purpose of use of the funds in the securities report. In particular, it was discovered that the right to sell was falsely recorded to cover up this. The commission also accused S Mark to the prosecution and imposed measures such as ▲a one year limit on issuance of securities ▲a fine of 16 million won on the former CEO ▲a fine of 60 million won ▲a three year appointment as an auditor.

It was also confirmed that Kosun Bio (formerly Hyunsung Vital) and Apool also under- or over-accounted the loan loss provisions for their accounts receivable. The Jeung-Seon Committee decided on sanctions such as 10 months for the issuance of securities, a fine of 36 million won, and 3 years for the auditor designation, and for Apool, 8 months for the issuance of securities, and 2 years for the designation of an auditor.

In addition, the Jeung Seon Committee proposed suspension of duties and restrictions on audit work to the accounting firms and chartered accountants of these companies who violate the accounting audit standards.

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