Hanwha affiliates hit with $2.7m fine for accounting fraud
( December 30, 2016, 09:41 GMT | Insight) -- South Korea's Financial Services Commission has imposed combined fines of 3.3 billion won ($2.7 million) on three affiliates of Hanwha Group for accounting fraud, the Financial Times reports. South Korea's Financial Services Commission has imposed combined fines of 3.3 billion won ($2.7 million) on three affiliates of Hanwha Group for accounting fraud, the Financial Times reports. Hanwha E&C faced a 2 billion won fine, Hanwha Galleria 720 million won, and Hanwha Advanced Materials 600 million won. The companies were also ordered to designate auditors for next two to three years. Hanwha E&C was found not to have recorded accurate information in financial statements related to 42 billion won of funding to affiliates of the group in 2005 and 2006. The other two companies also failed to include such information in their statements, despite the fact that they provided funds totaling 370 billion won to other affiliates between 2004 and 2006. ...
Prepare for tomorrow’s regulatory change, today
MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.
Know what others in the room don’t, with features including:
- Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
- Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
- Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
- Curated case files bringing together news, analysis and source documents in a single timeline
Experience MLex today with a 14-day free trial.