The Financial Services Commission imposed a fine of about 15.4 billion won on three Celltrion companies that violated accounting standards.
The FSC held a regular meeting on the 16th and announced that it had decided to impose a fine of 6 billion won on Celltrion, which prepared financial statements in violation of accounting standards. It was decided to impose a fine of 415 million won on two people, including the CEO of Celltrion, and 495 million won for the Hanyoung Accounting Firm, which conducted an external audit of Celltrion for negligence in the audit procedure.
Celltrion Healthcare, which also violated accounting standards, was fined 6.04 billion won, and three people including the CEO were fined 483.9 million won. Samjung Accounting Firm and Hanyoung Accounting Firm, which neglected the audit procedure of the company, were fined 410 million won and 570 million won, respectively. Celltrion was fined 992.1 million won.
Earlier, on the 11th, the Securities and Futures Commission under the Financial Services Commission said that Celltrion and other companies violated accounting standards such as overstating R&D expenses for the period from 2010 to 2020, not recording loss on valuation of inventories, and overstating sales and cost of sales from overseas distributors. It was concluded and decided to impose disciplinary action on the Financial Services Commission.
By Kim Min-young, staff reporter mykim@etnews.com
