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[이코노믹리뷰=황대영 기자] Seegene (096530), a manufacturer of diagnostic kits, is facing sanctions by financial authorities for violating accounting standards.
The Securities and Futures Committee of the Financial Services Commission held an extraordinary meeting on the 8th and announced that it decided to prosecute the prosecution, restrict the issuance of securities, and appoint an auditor against four companies, including Seegene, who prepared and disclosed financial statements in violation of accounting standards.
According to Jeung Seon-i, Seegene voluntarily carried out excessive quantities of products that exceeded the actual order volume from 2011 to 2019 to the agency and recognized all of them as sales, thereby over or understating sales, cost of sales, and related assets. For nine years, the amount reached about 80 billion won.
In addition, Seegene classified convertible bonds subject to the condition of claiming early redemption within one year as non-current liabilities, even though they should be classified as current liabilities. This amounted to 31.4 billion won in 2012, 26.3 billion won in 2014, 46.7 billion won in 2016, and 12 billion won in 2017.
In addition, Seegene recorded the amount of expenditure related to R&D, such as diagnostic reagents that did not meet the technical feasibility, as development expenses.
Accordingly, the Jeungseon Committee decided to take measures such as appointment of an auditor for 3 years, a recommendation to dismiss an officer in charge and a job suspension for 6 months, improvement of internal control, and request for submission of a memorandum.
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