[THE INVESTOR] The top financial regulator fined Hyundai Engineering & Construction 3.2 billion won (US$2.90 million) for violating accounting rules, officials said on Dec. 6.
Hyundai E&C, one of major construction firms in Korea, is accused of inflating sales and understating debt between 2013 and 2016, the Financial Services Commission said in a statement.
The accounting irregularities came to light as a result of Hyundai E&C not reporting changes in costs in its financial books during the four years, the state watchdog said.
Deloitte Anjin, an auditor of Hyundai E&C, was also fined 900 million won for failing to properly audit the construction firm, the FSC said.
By Alex Lee and newswires (email@example.com