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Panel to hold 2nd review of Samsung Biologics' alleged accounting fraud
By YonhapPublished : May 20, 2018 - 10:28
An accounting oversight panel will hold a second round of reviews on Samsung Biologics Co.'s alleged violation of accounting rules this week with the goal of drawing a conclusion to the matter within the month so as to limit market falloff, financial officials said Sunday.
On May 2, the Financial Supervisory Service tentatively concluded that the pharmaceutical unit of Samsung Group has violated accounting rules, adding that corrective measures and punishment may be taken depending on the final outcome.
The firm's alleged accounting flaw boils down to whether there were any irregularities over its dramatic business turnaround in 2015. Samsung Biologics, listed on the local stock market in November 2016, reported a net profit of a whopping 1.9 trillion won ($1.76 billion) in 2015, shifting from a loss in the previous four years.
To look into the allegations, the accounting oversight deliberation committee under the Securities & Futures Commission held a hearing from stakeholders last week and plans to hold the second round of review on May 25. The SFC oversights the stock and futures market.
The committee is expected to draw a conclusion to the matter within weeks and deliver a report at the SFC's regular meeting slated for June 7 for final approval. The move takes into account the regulatory probe's impact on the company's share prices, according to officials with knowledge of the matter.
The share price of Samsung Biologics fluctuated this month after the financial watchdog accused the firm of violating accounting rules, which the firm strongly argued against.
On Thursday, Samsung Biologics said US-based Biogen Inc. offered to sharply raise its stake in their joint venture, pushing up the drugmaker's share price by as much as 8 percent on the day.(Yonhap)
