Samsung BioLogics to face criminal investigation in accounting fraud scandal
- 6 years ago
And on 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 book-keeping... 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 that it had no "motive" to intentionally violate accounting rules... and 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 book-keeping... 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 that it had no "motive" to intentionally violate accounting rules... and that it will consider taking legal action against the ruling.