South Korea: Deloitte Anjin accountants indicted by prosecutors amid feud with Kyobo Life

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.

The insurer also filed a complaint against Deloitte Anjin with the U.S. Public Company Accounting Oversight Board early last year.

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