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Hyundai E&C fined for violating accounting rules

All News 16:23 December 06, 2017

SEOUL, Dec. 6 (Yonhap) -- The top financial regulator fined Hyundai Engineering & Construction (E&C) Co. 3.2 billion won (US$2.9 million) for violating accounting rules, officials said Wednesday.

Hyundai E&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&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&C, was also fined 900 million won for failing to properly audit the construction firm, the FSC said.

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