Accounting fraud to be looked into
Print Edition
SOUTH Korea’s financial regulator said yesterday it had found intentional breaches of accounting rules at Samsung Biologics, the drugmaking unit once seen as Samsung’s future growth engine.
The Financial Services Commission said it will bring the case to prosecutors and ask Samsung Biologics to dismiss executives in charge of accounting breaches. It will also penalize an accounting firm that audited Samsung.
The FSC said the company failed to notify investors of crucial information related to its joint venture agreement with Biogen, a US biotechnology company. The missing information affected the valuation of Samsung Biologics and its subsidiary, allowing Samsung Biologics to suddenly become profitable for the first time in 2015 before its listing on a Seoul stock market in 2016.
The FSC said Samsung Biologics was aware that leaving out such information could violate accounting rules.
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