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The Securities and Futures Commission said Wednesday that it reported Daehan Real Estate Trust Co. to the prosecution on charges of fabricating its financial statements.
Daehan Real Estate Trust -- a financial company fully invested by a quasi-governmental agency under the wing of the Ministry of National Defense -- engaged in irregular accounting practice from 2008 to 2010, according to the SFC.
As the main malfeasance, the company allegedly rigged its statements from transactions for a land project in Seongnam, Gyeonggi Province and a housing construction project in Cambodia.
Accounting regulators have uncovered that the company inflated profit from the Seongnam project by 2.3 billion won ($2 million) in 2008, 3.4 billion won in 2009 and 1.9 billion won in 2010.
The SFC said it decided to hand over the case and its former chief executive to the prosecution. In addition, the company will be banned from issuing securities for six months.
The regulator also reprimanded Sungdong for omitting statements after providing its affiliate Sungdong Shipbuilding & Marine Engineering with irregular benefits between 2005 and 2010.
Sungdong has been urged by the SFC to dismiss its CEO and also faces a regulatory ban on issuing securities over the next six months.
By Kim Yon-se (kys@heraldcorp.com">kys@heraldcorp.com)
Daehan Real Estate Trust -- a financial company fully invested by a quasi-governmental agency under the wing of the Ministry of National Defense -- engaged in irregular accounting practice from 2008 to 2010, according to the SFC.
As the main malfeasance, the company allegedly rigged its statements from transactions for a land project in Seongnam, Gyeonggi Province and a housing construction project in Cambodia.
Accounting regulators have uncovered that the company inflated profit from the Seongnam project by 2.3 billion won ($2 million) in 2008, 3.4 billion won in 2009 and 1.9 billion won in 2010.
The SFC said it decided to hand over the case and its former chief executive to the prosecution. In addition, the company will be banned from issuing securities for six months.
The regulator also reprimanded Sungdong for omitting statements after providing its affiliate Sungdong Shipbuilding & Marine Engineering with irregular benefits between 2005 and 2010.
Sungdong has been urged by the SFC to dismiss its CEO and also faces a regulatory ban on issuing securities over the next six months.
By Kim Yon-se (kys@heraldcorp.com">kys@heraldcorp.com)
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