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Gov't Toughens up Accounting Fraud Punishment

Written: 2016-07-07 17:34:35Updated: 2016-07-07 18:00:36

Gov't Toughens up Accounting Fraud Punishment

The total amount of fines against companies involved in window-dressing settlements will be drastically increased. 

The Financial Supervisory Commission(FSC) said Thursday that it revised capital-market inspections regulations to slap fines at every annual business report and public offering of shares made with fabricated ledgers. 

A maximum two billion won, or one-point-seven million dollar, one-off fine is currently imposed on businesses even for a case of extensive massive window-dressing settlement

The supervisory commission will notify of the revision by this week for effectuation. The new regulation will be retroactively applied.

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