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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] SEOUL, South Korea – October 22, 2025 – South Korea’s Financial Services Commission (FSC) has imposed a ₩5.41 billion (US$3.9 million) fine on SK Ecoplant Co., Ltd. for violating accounting standards related to its U.S. subsidiary, the regulator announced on Tuesday.
At its 18th regular meeting, the FSC ruled that SK Ecoplant overstated consolidated revenue by ₩150.6 billion in 2022 and ₩464.7 billion in 2023, inflating the financial results of its U.S. fuel cell subsidiary during its initial public offering (IPO) preparation process. The violations involved misstatements in the company’s consolidated financial statements and public disclosures.
In addition to the corporate fine, the FSC imposed personal penalties on key executives:
Former CEO: ₩420 million
Former accounting officer: ₩380 million
Current co-CEOs: ₩30 million and ₩20 million, respectively
The FSC also ordered a two-year auditor designation, dismissal recommendation and six-month suspension for the responsible accounting officer.
Audit firm Samjong KPMG was sanctioned with a 20% contribution to the joint compensation fund and a two-year suspension from auditing SK Ecoplant.
While the Financial Supervisory Service (FSS) had initially recommended criminal referral, the Securities and Futures Commission (SFC)—a body under the FSC—concluded last month that the company’s accounting errors stemmed from gross negligence rather than deliberate intent.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
