FSS, accounting violations nose-rate agency warning on asset management

[Korea goyounghun financial newspaper reporter] financial authorities to withdraw flew nose-rate asset management in violation of accounting standards.

The FSS said the last 16 days for each of their respective officers fired two people and institutions in under-recorded warning nose-rate allowance for doubtful asset management needs in the financial statements, and 17 had a job action stopped three months of work. Nose rate is the asset management subsidiary of the Korea Land Trust.

Nose-rate operation is from April 2013 March 2014 April 2014 December 2014 Latter-up investments destroyed in due possibility of operating the loan recovery related to the special asset stop investment trust assets while creating the financial statements the evaluation was not appropriate.

Also it recorded an allowance for such loans in the financial statements 800 000 000 under 35 million won, 779 million won, respectively. As a result, 835 million won to the financial statements in relation to the goods as agreed by special asset fund investors and damages, respectively, and accounted for over-the capital of 4.636 billion won.

FSS Financial Investment Compliance Inspection Bureau official said, "The Investment Manager is according to the Act on the Financial Investment Services and Capital Markets need to create the financial statements faithfully recorded to the allowance for doubtful accounts and provision," he said.



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