South Korea's Kakao Mobility penalized for inflating revenue figures
By Jenny Lee ( November 7, 2024, 04:37 GMT | Insight) -- South Korea's ride-hailing giant Kakao Mobility has been hit with fines totaling 4.1 billion won (about $3.2 million) for "serious violations of accounting standards" after inflating its operating revenues during IPO preparations, the country's Securities and Futures Commission announced. The sanction decision could prompt a revision of earlier fines by the Korea Fair Trade Commission against the company, which total 99.5 billion won for algorithm manipulation and call-blocking allegations, because these penalties were calculated based on the company's gross revenue figures that the securities commission has now rejected, MLex understands.South Korea's ride-hailing giant Kakao Mobility has been hit with fines totaling 4.1 billion won (about $3.2 million) for "serious violations of accounting standards" after inflating its operating revenues during IPO preparations, the country's Securities and Futures Commission announced. The SFC's decision could lead to a revision of fines imposed earlier on the company in a separate case by the country's antitrust regulator. ...
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