Korea finds $1.1 billion accounting irregularities at HMM
South Korea’s financial watchdog, the Financial Supervisory Service, said Wednesday it has uncovered accounting irregularities amounting to 1.2 trillion won ($1.1 billion) at Hyundai Merchant Marine.
A spokesman for Hyundai at its Seoul head office said today the company could not comment on the announcement because the finding was not final. The final result of the probe will be published Dec. 22, he said.
If confirmed, the $1.1 billion hole in Hyundai’s accounts will dwarf the $41 million accounting errors found at CP Ships in the summer.
Korea finds $1.1 billion accounting irregularities at HMM
