Monday, December 31, 2007

Samsung suspected for accounting fraud


A Korean prosecution team is sustpecting Samsung Heavy Industries of large-scale accounting fraud, according to the findings from an investigation into the group’s alleged slush fund creation.

After receiving company records from PricewaterhouseCoopers, which has managed Samsung's financial statements, prosecutors found accounting irregularities in the company's books. The team examined the books of five Samsung affiliates, covering the last eight years, including Samsung Heavy Industries.

See full Article.