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.
The Jeungsun Committee decided to impose a fine on Seegene (final decision by the Financial Services Commission), three years of appointment of an auditor, recommendation to dismiss an executive in charge and six months to suspend work, and to improve internal control.
Seegene is Korea’s representative new coronavirus infection (Corona 19) diagnostic kit company. Seegene’s market capitalization is 4,7247 billion won, which is the 5th place on the KOSDAQ.
In addition, it was investigated that Smark, an unlisted company, misappropriated the capital increase funds after falsely describing the purpose of using 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 the issuance of securities, a fine 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 a 10-month limit on issuance of securities, a fine of 36 million won, a three-year appointment as an auditor, and eight months for A-pool, and two years as an auditor.
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.
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