Financial Committee. Hankook Ilbo data photo
Seegene, a listed company on the KOSDAQ market, the leader of a diagnostic kit related to Corona 19, has been subject to sanctions by financial authorities for violating accounting standards.
The Securities and Futures Committee under the Financial Services Commission held the second extraordinary meeting on the 8th, and for Seegene, who prepared and disclosed financial statements in violation of accounting standards, was appointed as an auditor for 3 years, recommended dismissal of executive officers and suspended from work in June, internal control. It announced that it has voted for measures such as recommendations for improvement. The amount of the penalty penalty will be finalized by the Financial Services Commission in the future.
According to the Jeungsun Committee, Seegene voluntarily carried out excessive quantities of products that exceed the actual order volume from 2011 to 2019 to the agency and recognized all of them as sales, and over or underestimated sales, cost of sales and related assets. Even if it is only delivered to the final customer and not actually sold, it is included in the revenue.
In addition, convertible bonds subject to the conditions for claiming early redemption within one year should be classified as current liabilities, but classified as non-current liabilities, and R&D-related expenditures such as diagnostic reagents that did not meet the asset recognition requirements (technical feasibility) are used as development costs. It was even counted.
The Woodeok Accounting Firm, which neglected the inspection process for Seegen, was subject to additional 50% accrual of damages compensation joint fund and a three-year restriction on auditing for Seegen. The Financial Services Commission plans to determine the amount of the penalty penalty for Wooduk Accounting Firm in the future.
In addition, it was investigated that S-Mark, an unlisted corporation (subject to submit a business report), used the capital increase capital after falsely describing the purpose of use of the funds on the stock report, and falsely recorded available-for-sale securities for the purpose of concealing this. The Jeungseon Committee decided to accuse Smark to the prosecution. It also imposed measures such as a one-year limit on issuance of securities, a penalty of 16 million won (former CEO), a fine of 60 million won, and a three-year auditor designation.
It was revealed that unlisted corporations, Cosun Bio (formerly Hyunsung Vital) and Apool, underestimated or overestimated the provisions for bad debts for accounts receivable. Kosun Bio was subject to sanctions such as October for securities issuance restrictions, a penalty of 36 million won, three years for auditor designation, and August for securities issuance restrictions for Apool, and two years for auditor designation. While auditing the financial statements of these companies, the Jeung Seon Committee voted for measures such as suspension of work and restrictions on audit work to accounting firms and chartered accountants who violate the standards for accounting audit.
Jeonghyun Kim reporter [email protected]
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