The Financial Services Commission said on Nov. 11 that it decided to impose penalty surcharges on three companies, including Secure Letter, and their officials and auditors for violating accounting standards in the preparation and disclosure of financial statements.
The final penalty surcharge for Secure Letter was set at 2.384 billion won. A penalty surcharge of 10.3 million won was decided for two officials. According to the Securities and Futures Commission under the Financial Services Commission, Secure Letter inflated its sales from 2021 to 2023 by issuing fake tax invoices. The company used financial statements that violated accounting standards in its securities filing process.
Cybersecurity company Secure Letter entered the KOSDAQ market through a technology special listing in August last year. However, trading has been suspended since April after the auditor rejected the audit opinion on the financial statements for the 2023 business year.
The Financial Services Commission also imposed penalty surcharges of 38.5 million won and 3.8 million won on the company and its representative, respectively, for La Henri Resort. The auditor, Samdo Accounting Corporation, was also subjected to a penalty surcharge of 6.3 million won.
For Deokam Tech, the Financial Services Commission decided to impose a penalty surcharge of 49.1 million won on the company and 5.6 million won on its two executives. The final penalty surcharge for the auditor, Taeyoung Accounting Corporation, is 14 million won.