Kyobo Life Insurance announced on Feb. 16 that it has submitted a petition to the Financial Services Commission and the Financial Supervisory Service to thoroughly investigate Deloitte Anjin accounting firm and its accountants who were recently indicted as major defendants.
According to Kyobo Life Insurance, prosecutors indicted executives and employees of consortium such as Affinity Equity Partners, IMM PE, Bearing PE and Singapore Investment Agency and Deloitte Anjin accountants last month on charges of violating the Certified Public Accountants Act on false reporting and fraud in the course of working out Kyobo Life’s value appraisal report.
However, despite the prosecution's indictment, the Affinity Consortium and the Anjin accounting firm are arbitrarily interpreting and distorting the indictment, misleading the nature of illegal matters and ignoring the authority of law enforcement authorities, Kyobo Life Insurance said in the petition.
Kyobo Life Insurance continued to say, "The dispute between shareholders intensified and the reputation of Kyobo Life Insurance was reduced due to the act of Anjin accounting company, which received unfair profits from the client's dishonest request."
An official from Kyobo Life Insurance explained, "Kyobo Life Insurance has suffered serious management damage as a large insurance company representing the industry. The damage also had a huge ripple effect on our society as a whole, so the company submitted the petition to request a thorough investigation and strict punishment.”
