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The financial regulator plans to set up a task force to handle the investigation of accounting fraud cases amid calls for tougher measures against such practices, officials said Thursday.
The task force to be composed of around six experts will be established under the accounting investigation bureau of the Financial Supervisory Service, the FSS said.
The move is in line with the government’s pledge to strengthen monitoring and punishment in the wake of a series of fraudulent cases at several local shipbuilders and construction firms.
Last year, Daewoo Engineering & Construction faced a 2 billion won ($1.7 million) fine for forging accounting records to conceal losses.
Daewoo Shipbuilding & Marine Engineering has also been under investigation on suspicions that the shipbuilder dressed up its accounting books to win contracts and attract investments while hiding losses.
(khnews@heraldcorp.com)
The task force to be composed of around six experts will be established under the accounting investigation bureau of the Financial Supervisory Service, the FSS said.
The move is in line with the government’s pledge to strengthen monitoring and punishment in the wake of a series of fraudulent cases at several local shipbuilders and construction firms.
Last year, Daewoo Engineering & Construction faced a 2 billion won ($1.7 million) fine for forging accounting records to conceal losses.
Daewoo Shipbuilding & Marine Engineering has also been under investigation on suspicions that the shipbuilder dressed up its accounting books to win contracts and attract investments while hiding losses.
(khnews@heraldcorp.com)
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Articles by Korea Herald
