The Financial Supervisory Service, which has been conducting an accounting review of Homeplus, has decided to transition to a mandatory inspection due to the possibility of accounting irregularities.
Ham Yong-il, deputy head of the FSS's capital markets division, noted during a briefing on capital market issues on 1st, "We are transitioning to an inspection this week for a more detailed report."
Ham also pointed out that Homeplus needs to demonstrate responsible behavior. He said, "Homeplus is consistently using vague statements to minimize losses without concrete explanations while failing to pay rent for some stores," and added, "We will mobilize all available capabilities to thoroughly investigate various allegations, including fraudulent transactions, and take severe action if illegal activities are discovered."
Ham stated that there were significant developments, including findings that contradicted the explanation given by MBK Partners during the inspection of whether there were unfair transactions in the sale process of Homeplus's electronic commercial paper (ABSTB).
Ham mentioned, "We are currently conducting inspections regarding the appropriateness of credit rating agencies' work, as well as the issuance of securities companies’ commercial papers," and added, "The inspection period has been extended and personnel has been increased."