[THE INVESTOR] The following is Samsung BioLogics’ official position regarding the Securities and Futures Commission’s announcement on Nov. 14 regarding its accounting irregularities.

“Samsung BioLogics would like to sincerely apologize to our clients and shareholders for the confusion caused by the recent accounting issue. However, the SFC’s announcement today is very unfortunate. We are still confident that we have not breached any accounting rules. 

In 2016, not only did the due diligence by the Korean Institute of Certified Public Accountants conclude that there were no problems in the accounting treatment, but we also received an official response from the Financial Supervisory Service and opinions from multiple accounting firms that the bookkeeping was indeed done correctly.

Despite such facts, it is very disappointing that the SFC decided today that Samsung BioLogics intentionally infringed the accounting rules. Therefore, we will file an administrative lawsuit to prove the legality of our actions.

We will actively prepare for the administrative suit while continuing to put forth our best efforts into our business so as to create even greater value for our clients and shareholders who trust and believe in Samsung BioLogics.”