The discussion of the Financial Supervisory Service (FSS) has concluded regarding allegations that SK ecoplant inflated the revenue of its U.S. subsidiary. The Securities and Futures Commission is expected to determine the final level of sanctions based on the FSS's examination results and the opinions of the commissioner. However, there were differing opinions among the commissioners within the FSS, and the schedule for the Securities and Futures Commission is also expected to be delayed, suggesting that it will take time before a final conclusion is reached.
According to financial authorities on the 29th, the FSS decided to review the accounting violation case of SK ecoplant on the 24th and to compile opinions to present to the Securities and Futures Commission. The FSS reviewed the issue twice due to the vast amount of related materials. During this process, it was reported that each commissioner offered various opinions.
A source from the FSS said, "Since final discussions need to take place at the Securities and Futures Commission, we cannot reveal our final opinion," adding that "several opinions were raised among the commissioners, and judgments regarding the allegations were somewhat divided."
Previously, the Financial Supervisory Service determined that SK ecoplant overestimated the sales of its U.S. fuel cell subsidiary in anticipation of an initial public offering (IPO). The FSS suggested filing a complaint with the prosecution against SK ecoplant, the dismissal of its former CEO, and imposing a penalty surcharge of hundreds of millions of won. They concluded that it fell under 'intentional' misconduct, which is the highest level of accounting violation.
Sources say that commissioners at the FSS had differing opinions on whether SK ecoplant inflated its subsidiary's sales to enhance its corporate value in anticipation of an IPO. This indicates that there were quite a few opinions suggesting it was difficult to conclude intentionality.
In accounting violation cases, whether intentionality is present is a key factor in determining the level of sanctions. The Securities and Futures Commission previously lowered the sanctions level to 'gross negligence' on accounting fraud allegations regarding Kakao Mobility and Doosan Enerbility, ruling that it was difficult to conclude intentionality.
In the market, there are voices suggesting that the scale of SK ecoplant's overinflated subsidiary sales is not significant enough to enhance corporate value. A financial investment industry source said, "I understand that the scale of SK ecoplant's overestimated subsidiary sales is not larger than previous cases that received a judgment of intentionality, and evaluations indicate that it is at a level unlikely to impact the offering price substantially."
The ball is now in the court of the Securities and Futures Commission. The commission will make the final decision on the level of sanctions based on the opinions of the FSS and the FSS. However, since the FSS is entering a quiet period considering the summer vacation season, it is highly likely that it will take more than a month for results to emerge.
The next meeting of the Securities and Futures Commission is scheduled for August 27. As major issues such as the management rights dispute of Korea Zinc and Young Poong and allegations of unfair trading related to Homeplus are piling up, the timing for presenting them may be further delayed.