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Kyobo urges regulator to launch investigation into Anjin
Posted : 2021-02-16 16:19
Updated : 2021-02-16 21:19
Kyobo Life Insurance Chairman Shin Chang-jae delivers a speech during the firm s New Year seminar at its headquarters in Seoul on Jan. 8. Courtesy of Kyobo Life Insurance
By Lee Min-hyung
Kyobo Life Insurance has urged the nation s financial authorities to investigate Deloitte Anjin accountants over their suspicious internal trading with a client ― Hong Kong-based Affinity Equity Partners ― the life insurer said Tuesday.
Kyobo and its financial investor ― an Affinity-led consortium ― are in a months-long legal dispute regarding Anjin s alleged involvement in apparent accounting fraud by manipulating Kyobo s corporate value at the request of the client.
Deloitte Anjin accountants indicted by prosecutors amid feud with Kyobo Life
Posted : 2021-01-19 17:13
By Anna J. Park
Following a nine-month investigation, the Seoul Central District Prosecutor s Office indicted three accountants at Deloitte Anjin earlier this week on charges of violating the country s Certified Accountant Act. The law requires chartered accountants to remain impartial and maintain good faith, while prohibiting them from receiving bribes and conspiring with others to generate unfair financial gains.
Prosecutors launched their investigation in April last year after Kyobo Life Insurance accused the accounting firm as well as members of the insurer s investor consortium ―composed of Hong Kong-based Affinity Equity Partners, Baring Private Equity Asia, Singapore s GIO and IMM Private Equity ― of colluding to give the investors unfair benefits in calculating the insurer s fair market value.