The Financial Services Commission has imposed a fine of 9.5 billion won (approximately $9.5 million) on Dexter Studios for violating accounting standards in its financial statements.
The commission announced the decision during its regular meeting on September 9.
Two former CEOs of the company were fined 72.7 million won and 94.6 million won, respectively.
Investigations revealed that Dexter Studios, a content planning and production company, inflated its revenue by manipulating the progress of projects that were either canceled or had their contract amounts falsely increased between 2016 and 2019.
* This article has been translated by AI.
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