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THE INVESTOR

Industrials

Hyundai E&C audit comes under FSS scrutiny

  • PUBLISHED :January 06, 2017 - 15:20
  • UPDATED :January 06, 2017 - 15:20
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[THE INVESTOR] The Financial Supervisory Service has begun a review on Deloitte Anjin and Hyundai Engineering & Construction, local media reported on Jan. 5.

According to reports, Hyundai E&C was told to provide the FSS with information regarding unclaimed fees, cost of projects and other related issues. 




The FSS has also requested Deloitte Anjin to provide a report on the audits the company carried out on Hyundai E&C over the past five years.

Hyundai E&C’s consolidated financial statement for the third quarter of 2016 showed that the company had about 3.61 trillion won (US$3.03 billion) fees outstanding from various projects. The figure accounts for 27 percent of the company’s revenue in the relevant period.

By Choi He-suk (cheesuk@heraldcorp.com)
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