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JTBC, Other Central Group Affiliates Face Audit Request Over Accounting Practices

GateNews
According to Yonhapnews, bondholders of JTBC and other Central Group affiliates filed an audit request with South Korea's Financial Supervisory Service on July 24, as disclosed on July 26. The bondholder counsel questioned the accounting treatment of 226 billion won in hybrid securities issued by JTBC since 2023, noting that most subscriptions came from group-affiliated companies or special purpose vehicles. Counsel alleged that JTBC may have masked capital erosion using inflated book capital while selling bonds to individuals. Additionally, discrepancies were identified between stated fund usage and actual application—including 20 billion won in securities issued in March designated for operating funds but reportedly used for call option transactions. JTBC declared default on 20.6 billion won in securitized borrowings on June 12 and filed for restructuring proceedings on June 15.
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