Samsung BioLogics to face criminal investigation in accounting fraud scandal
- 6 years ago
Now to the latest on Samsung BioLogics and the accounting fraud scandal swirling around the firm.
The Financial Supervisory Service says a 2015 accounting breach by the Samsung affiliate was INTENTIONAL and the biopharmaceutical firm clearly violated accounting rules.
The financial regulator adds it will refer the case to the prosecution.
The decision comes after a months-long review of the company's bookkeeping when it switched in 2015 to valuing its stakes in drugmaker Samsung Bioepis at fair market value instead of at book-value.
Following the announcement, Samsung BioLogics expressed regret, adding it had no "motive" to intentionally violate accounting rules.
It added that it will consider taking legal action against the ruling.
The Financial Supervisory Service says a 2015 accounting breach by the Samsung affiliate was INTENTIONAL and the biopharmaceutical firm clearly violated accounting rules.
The financial regulator adds it will refer the case to the prosecution.
The decision comes after a months-long review of the company's bookkeeping when it switched in 2015 to valuing its stakes in drugmaker Samsung Bioepis at fair market value instead of at book-value.
Following the announcement, Samsung BioLogics expressed regret, adding it had no "motive" to intentionally violate accounting rules.
It added that it will consider taking legal action against the ruling.