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    Case-In-Pursuit

    The Case of Kolon TNS' Accounting Fraud

    In this case, in July 2002, Kolon TNS went bankrupt and was in liquidation proceedings. Then some mutual savings banks that had invested in the CP of the above company filed action against the management staff including Lee Dong Bo, a major stockholder and director of the company and its outside auditor-Ahngun Accounting Corporation for compensation of damages incurred to plaintiff. The Supreme Court decided that the plaintiff side won the suit in Aug, 2008. In particular, Ahngun Accounting Corporation, which had audited Kolon TNS, was found jointly liable for 11 billion won thereof

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