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[Alpha Biz=(Chicago) Reporter Kim Jisun] Whether to impose sanctions on Doosan Enerbility, which is suspected of accounting fraud, is expected to be decided next month.
According to the Financial Services Commission and the Financial Supervisory Service on the 24th, the Securities and Futures Commission under the Financial Services Commission was scheduled to discuss an agenda related to Doosan Enerbility's alleged accounting violations, but did not present a related agenda. The Securities and Futures Commission is considering submitting a related agenda on the 7th of next month when the next meeting will be held. An official from the financial authorities said, "We decided to conduct a close review because there were differences over the level of disciplinary action."
The related agenda is about the construction of 2.8 trillion won worth of Jawahapur and Obra-C thermal power plants won by Doosan Power Systems India (DPSI), a local subsidiary of Doosan Enerbility India, in 2016. A key issue in relation to the construction is whether the losses incurred by rising costs were properly accounted for.
The Financial Supervisory Service says it intentionally omitted accounting and that heavy penalties should be imposed. The Financial Supervisory Service says it did not reflect losses of about KRW 300 billion over 2017-2019 even though it was aware of rising costs after Doosan Enerbility won the construction order. The Financial Supervisory Service reportedly notified Doosan Enerbility of a fine of 40 billion won.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
