The Financial Services Commission noted that on the 16th, it held its 7th meeting at the Government Seoul Building in Gwanghwamun, and decided to impose a penalty surcharge of 45 million won on three company officials, including the former CEO of SETOPIA, for violating accounting standards in preparing and disclosing financial statements.
SETOPIA, a company listed on the KOSDAQ, is a steel manufacturer. The company improperly accounted for the non-payment of subscription payments for new convertible bonds issued by its subsidiary in 2019 as if they were paid, overstating its financial assets and liabilities by an amount equivalent to 8 billion won.
Previously, the Securities and Futures Commission, under the Financial Services Commission, imposed a penalty surcharge of 270 million won, a fine of 100 million won, and designated an auditor for three years for SETOPIA.
The financial authorities decided to recommend the dismissal of the former executive in charge at SETOPIA. They notified the company, the former CEO, and the former executive in charge to rectify the situation, alongside a notification to the prosecution.