[아이뉴스24 한수연 기자] Seegene, a KOSDAQ-listed company, the owner of the Corona 19 diagnostic kit, has been sanctioned by the financial authorities for violating accounting standards.
According to the financial authorities on the 9th, the Securities and Futures Committee under the Financial Services Commission for Seegene for preparing and disclosing financial statements in violation of accounting standards ▲ fines ▲ 3 years for auditor designation ▲ recommendations for dismissal of executive officers and 6 months for job suspension ▲ internal control Recommendations for improvement ▲ Measures such as request for submission of memorandums were resolved at an extraordinary meeting the previous day. However, the amount of the penalty penalty will be finally decided 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. The portion that was only delivered to the final customer and not actually sold is included in the revenue.
The company also classified convertible bonds that were subject to the condition for claiming early redemption within one year as non-current liabilities, although they should be classified as current liabilities. Research and development-related expenditures such as diagnostic reagents that did not meet the asset recognition requirements (technological feasibility) were overestimated as development expenses.
For Seegene’s auditor, Woodeok Accounting Firm, measures such as negligence during audits ▲ fines ▲ additional accrual of damage compensation joint fund 50% ▲ limited audit work for Seegen for 3 years. The amount of the penalty will be determined in the future.
On the other hand, it was investigated that S-Mark, an unlisted corporation (subject to submit a business report), misrepresented the purpose of use of funds on a stock report and used the capital increase funds, and falsely recorded available-for-sale securities for the purpose of concealing them. The Jeungseon Committee decided to accuse Smark to the prosecution. ▲A 12-month limit on issuance of securities ▲A penalty of 16 million won (former CEO) ▲A fine of 60 million won ▲Appointment of an auditor for 3 years ▲Prosecutors’ prosecution (six people including the company, former CEO) were also imposed.
It was revealed that the unlisted corporations Cosun Bio (formerly Hyunsung Vital) and Apool underperformed or overestimated the provisions for bad debts for accounts receivable. Kosun Bio ▲ 10 months limited to issue securities ▲ 36 million won for negligence ▲ 3 years appointed as an auditor ▲ equivalent to a recommendation for dismissal of former finance officers ▲ requests for correction, etc. ▲ 8 months for securities issuance restrictions ▲ designated as auditor 2 Year ▲ Each of them was subject to sanctions such as a request for correction. 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.
Reporter Han Soo-yeon [email protected]