Korea Investment Securities identified that its operating revenue was inflated by about 6 trillion won due to internal accounting errors and subsequently revised its financial statements. However, operating expenses were also incorrectly calculated at the same amount, resulting in no change to net income.
According to the electronic disclosure system of the Financial Supervisory Service on the 25th, Korea Financial Holdings has revised the operating revenue and operating expenses in its business reports from 2019 to 2023.
In this process, Korea Financial Holdings noted that the operating revenue of Korea Investment Securities decreased by 5.7 trillion won over five years, while operating expenses increased by 5.7 trillion won.
Annual operating revenue was revised as follows: ▲2019 99.236 trillion won→96.820 trillion won ▲2020 152 trillion won→145.600 trillion won ▲2021 116.060 trillion won→124.305 trillion won ▲2022 208.065 trillion won→216.689 trillion won ▲2023 220.848 trillion won→193.540 trillion won.
In response, a representative from Korea Investment Securities said, "There were issues in the foreign exchange transaction processing in the retail department and FX department," adding, "Internal transactions should have been offset in the financial statements, but that didn't happen."