BusinessCompany NewsSamsung suspected for accounting fraud

Samsung suspected for accounting fraud

A Korean prosecution team has found accounting irregularitieds in Samsung's books

A Korean prosecution team is sustpecting
Samsung Heavy
Industries
of large-scale accounting fraud, according to the findings from
an investigation into the group’s alleged slush fund creation.

After receiving company records from PricewaterhouseCoopers, which has
managed Samsung’s financial statements, prosecutors found accounting
irregularities in the company’s books. The team examined the books of five
Samsung affiliates, covering the last eight years, including Samsung Heavy
Industries.

Korean Times reports the records show Samsung Heavy Industries built
a total of 1.5m tons of ships by volume in 1998. The construction volume rose to
2.3m tons in 1999, and has since been gradually increasing each year.

The company’s premiums for ships under construction should have kept rising
in proportion to the increase in the volume of ships. However, the records
showed the premiums dropped between 1999 and 2001 despite the continuous growth
in volume.

Read
story in The Korean Times

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