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July 19, 2018

FSC to hold 5th review on suspected accounting breach by Samsung BioLogics

PUBLISHED : July 12, 2018 - 10:11

UPDATED : July 12, 2018 - 10:11

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[THE INVESTOR] The financial regulator is set to hold its fifth review session on a suspected accounting breach by Samsung BioLogics, officials said on July 12.

The session, which aims to decide punitive measures financial authorities could take against Samsung BioLogics over the alleged breach, is likely to pave the way for the Financial Services Commission to make a final ruling by July 18.

If the FSC judges that the suspected breach was intentional, Samsung BioLogics would face tougher punishments, including a suspension in trading of its shares.

If the suspected breach is found to have been caused by negligence, however, the level of punishment would be less severe.

In May, financial authorities gave a preliminary notice to Samsung BioLogics that it broke accounting rules in 2015.

The regulatory review centers on questions about the biopharmaceutical company’s sudden profits in 2015 after years of losses. Samsung BioLogics reported a net profit of 1.9 trillion won (US$1.72 billion) that year after changing the method used to calculate the value of its affiliate, Samsung Bioepis.

Samsung BioLogics has claimed that the change was in line with international accounting standards.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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