Hyundai E and C fined for violating accounting rules
SEOUL-- The top financial regulator fined Hyundai Engineering and Construction (E and C) Co. 3.2 billion won (US$2.9 million) for violating accounting rules, officials said Wednesday.
Hyundai E and C, one of major construction firms in South Korea, is accused of inflating sales and understating debt between 2013 and 2016, the Financial Services Commission (FSC) said in a statement.
The accounting irregularities came to light as a result of Hyundai E and C not reporting changes in costs in its financial books during the four years, the state watchdog said.
Deloitte Anjin LLC, an auditor of Hyundai E and C, was also fined 900 million won for failing to properly audit the construction firm, the FSC said.
Source: Yonhap News Agency