SEOUL– South Korea’s financial regulator said Wednesday that it has fined three companies of pharmaceutical giant Celltrion a combined 13 billion won (US$10.5 million) for violating accounting rules.
The Financial Services Commission (FSC) made the decision as it recently completed an investigation into Celltrion, Celltrion Healthcare and Celltrion Pharm for their alleged violation of accounting rules.
They have for years been accused of misstating losses and profits, and not providing key information necessary for investors.
The FSC ordered Celltrion to pay 6 billion won in fines, with Celltrion Healthcare and Celltrion Pharm also fined 6.04 billion and 992.1 million won, respectively.
On Friday, the FSC concluded that the three firms had violated accounting rules but it was “unintentional,” an outcome that barely saved them from the possibility of stock trading suspension.
Source: Yonhap News Agency