Hynix began falsifying its accounts in 1996 and had built up the miss-statements to about $1.75 billion by 1999, according to the Korean Times report, which quoted FSS officials.

In a statement issued Monday (Sept. 20) Hynix Semiconductor Inc. acknowledged that it is being investigated by the FSS and the Public Prosecutors' Office but added that the final determination of the case is yet to be confirmed.

"Regardless of the determination, all of the controversial accounting items have been fully corrected and completely been reflected on our historical financial statements and thus no such controversial accounting items now exist. Therefore, we believe the result from this investigation will have no impact on our current members of the management and also to their management of the company," the company said in the statement.

In the same statement Hynix apologized to all interested parties, but also said it would respond to protect the company's credibility.

"We are very sorry to all of the interested parties including our shareholders to have caused concerns, and also we show our regrets to some of the news reports that have not accurately reflected our status, and thus we will strictly respond to any damages that may be caused on the company's credibility," the statement said.

By: DocMemory
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