Kakao Mobility again fined over alleged accounting fraud, referred to prosecution

Financial Services Commission / Korea Times file Kakao Mobility, the operator of the country's most-used taxi-hailing service provider, was fined over alleged accounting fraud on Wednesday and referred to the prosecution for further investigation. The Securities and Futures Commission, a panel under the Financial Services Commission, decided to slap a 3.4 billion-won ($2.

43 million) fine on Kakao Mobility, and 340 million won each on its chief executive and former chief financial officer for allegedly inflating revenues in preparation for a stock market debut. The regulator also decided to transfer related documents to the prosecution for further probes into the alleged accounting mishap. In February this year, the company was fined 9 billion won by the Financial Supervisory Services over the same allegations.



The financial regulator's fine also came a month after the country's antitrust agency fined Kakao Mobility 72.4 billion won for allegedly demanding competing taxi franchise operators sign partnership deals and blocking their access to its taxi-hailing services, Kakao T, in case of rejecting the offer. (Yonhap).