[National Audit] HYBE who has been reporting false figures in regards to their revenue and expenses on financial statements - 3 zeroes missing from sales amount

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 [theqoo - hot] [National Audit] HYBE, 120 million in unpaid waste disposal fees… Annual sales reported to be 1,000 times smaller

date: 24/10/2024

[Sejong = News Fim] Reporter Yang Ga-hee = It was revealed that HYBE reported its annual sales of 2 trillion won as 2.1 billion won and did not pay waste disposal fees of approximately 120 million won.

As of 2023, HYBE emitted approximately 1,397 tons of plastic.

Of the plastics discharged last year, 1,249 tons (89%) were used to produce artists' albums, and 148 tons (11%) were used to produce goods.

According to the current law, manufacturers and importers of waste (plastic) that are difficult to recycle, such as HYBE, must pay a waste disposal fee. The companies must enter their sales and emissions for the year, supporting documents, etc. into the waste disposal fee system operated by the Environmental Corporation, and the Environmental Corporation notifies the companies of the fees automatically calculated through the system.

According to HYBE's financial statements, sales in 2023 was approximately KRW 2.1781 trillion. Considering the amount of plastic discharged last year, the waste disposal fee that HYBE would have to pay is KRW 275.83 million.

However, HYBE entered the sales amount as 2,178,090,000 won in the industrial complex system. Three '0's are missing. HYBE's waste disposal fee was set at 149,640,000 won.

The Korea Environment Corporation was unaware of this and issued a notice in April and received payment in May. 

On the 11th of this month, the Korea Environment Corporation sent an additional notice to HYBE regarding the unpaid balance of 125.12 million won. The payment deadline is the end of this month.

https://www.newspim.com/news/view/20241024000069


original source

COMMENTS

  • I guess this is how they could play golf ㅋㅋㅋㅋ
  • Reporting 2 trillion won in sales as 2.1 billion won?? Look at them trying to save 100 million won in taxes ㅋㅋㅋㅋ
  • Stop wasting money on golf and pay your taxes properly.
  • Wow, is this possible? How could you not catch such a mistake?
  • Is it possible to report 2 trillion as 2.1 billion?
  • Are the people calling this a mistake unaware of the existence of approval lines? I'm a low-level employee but there's also one more person who cross-checks with me, and there are 2-5 supervisors per team who review it again.
  • What kind of mistake is a mistake? Mistaking 67 for 76 is a mistake. Sales decreased a thousandfold. Is that a mistake? Do you think taxes are a joke? ㅋㅋㅋㅋ
  • They said they were a top company ㅋㅋㅋㅋㅋㅋ
  • If there's only one 0, it would be whatever, but if three 0s are missing, it's noticeable, so it can't be a mistake
  • They have no conscience. They only choose to do bad things.
  • As expected, they don't just do one bad thing. They covered up their industrial accident, so there's no way they wouldn't do other dirty things.
  • It's okay to make mistakes when reporting, but there's an approval line, so is that big company just full of a bunch of idiots? The report is from the lowest level, and if the lowest level report isn't even reviewed, shouldn't we be auditing whether the internal control is working properly?
  • Oh tax evasion?
  • Ah, I'm in charge of that at my company ㅋㅋㅋ We had to work overtime for a week to prove that it was not plastic for importing ㅠㅠ HYBE only has to prove that it was a CD with plastic in it, so it should've been super easy ㅋㅋㅋ
  • There's a lot of talk about money regarding HYBE. I think they really need to get a proper tax audit done.
  • This is a huge problem because they need to be investigated by the tax office.

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