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THE INVESTOR
October 23, 2018
Big Reunion

Industrials

Hyundai E&C fined for violating accounting rules

  • PUBLISHED :December 06, 2017 - 16:39
  • UPDATED :December 06, 2017 - 16:39
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[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 (alexlee@heraldcorp.com)
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