Home
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Juvenile education requires input from all actors in society
Celebrating diversity in our food supply
Sunday
- Subscribe
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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
