South Korea’s financial authorities have launched an audit of Celltrion Healthcare Co. and is expanding the audit review to the company’s affiliates such as Celltrion Inc. and Celltrion Pharm Inc. Accordingly, there is a growing concern that the audit can lead to a prolonged war that goes through th
The Financial Supervisory Service (FSS) has launched an investigation into Celltrion Healthcare, a biological medicine marketing company with the largest market capitalization in the KOSDAQ market, for alleged accounting irregularities.The investigation is expected to have considerable impact on loc
The Financial Supervisory Service (FSS) is planning to look into every company that is suspected of being involved in M&A deals without the funds to finance them. This type of M&As is carried out based on acquisition financing with a target company’s stocks and management rights held as security. Wi
Global leading companies are expanding investment in the Songdo Bio Cluster in Incheon to supply their products to South Korean biotech firms. They are flocking to Songdo as it is the manufacturing base of Samsung BioLogics Co. and Celltrion Inc., which have already grown into global biotech compani
Korea Exchange (KRX) has decided to put the listing eligibility of Samsung BioLogics Co. under deliberation of the Corporate Evaluation Committee. As a result, the trading suspension of the company's shares will be prolonged.KRX announced on Nov. 30 that it would form the committee within 20 bus
Samsung BioLogics Co. has filed an administrative lawsuit against the country‘s financial regulator for its recent ruling that the company intentionally committed accounting fraud.The company said on Nov. 28 that it has filed an administrative lawsuit with the Seoul Administrative Court against the
The Korean financial regulator’s recent verdict on the accounting fraud allegations against Samsung BioLogics was part of the Korean government’s campaign to force the Samsung Group to reform its corporate governance, economists asserted at a seminar held on Nov. 27.The seminar was organized by the
Despite pressure from civic groups and some lawmakers of the ruling Democratic Party, the Financial Supervisory Service (FSC) is unlikely to audit Samsung C&T in connection with the accounting fraud allegations against Samsung BioLogics.Some civic groups filed a petition with the prosecution for inv
The controversy over the Korean financial regulator’s handling of Samsung BioLogics is growing as it was belatedly disclosed that the company was offered to be listed on a foreign stock exchange.During an investor relations (IR) session held at Samsung BioLogics’ second plant in Songdo, Incheon, on
South Korea's five largest business groups, which accounted for 39.3% of the total sales of the top 500 South Korean enterprises last year, are finding it hard to set up their plans for next year due to internal and external uncertainties.According to market research firm FnGuide, Samsung Electr
Samsung BioLogics Co. is facing the biggest crisis since its founding as Korea’s financial authorities have concluded that the company intentionally committed accounting fraud.On Nov. 20, the company refuted the verdict handed down by the Securities and Futures Commission (SFC) under the Financial S
The Securities and Futures Commission (SFC) under the Financial Services Commission referred Samsung BioLogics to the prosecution on Nov. 20 for investigation into its alleged accounting fraud.The SFC also sent a written penalty notice to Samsung BioLogics and its two accounting firms, Samjong and A
The incumbent Korean government appears to have no intention of withdrawing its sword pointed at Samsung Group. Rather it seems to be stepping up its siege of Korea’s largest business group in the name of cleaning up some of its deep-rooted abuses.The latest example of the government’s pressures on
Samsung BioLogics is likely to experience some difficulty in winning biosimilar production contracts from global pharmaceutical companies in the future as Korea’s financial authorities ruled on Nov. 14 that it intentionally committed accounting fraud.Industry watchers say global pharmaceutical compa
Trading of Samsung BioLogics shares was suspended on the KOSPI stock market on Nov. 14 following the conclusion of the Securities and Futures Commission (SFC), which is under the Financial Services Commission, that the company intentionally committed accounting fraud in 2015.The SFC filed a request
The Nov. 14 conclusion of the Securities and Futures Commission (SFC) that Samsung BioLogics intentionally committed accounting fraud is expected to have significant consequences on Samsung Group and Samsung Electronics vice chairman Lee Jae-yong.Critics argue that the legitimacy of the earlier merg
The Securities and Futures Commission (SFC) concluded on Nov. 14 that Samsung BioLogics intentionally committed accounting fraud in changing its accounting standard in 2015.Kim Yong-beom, vice chairman of the Financial Services Commission who heads the SFC, told a news conference at the government o
The stock price of Samsung BioLogic plunged on Nov. 12, two days ahead of a verdict from the Securities and Futures Commission (SFC) on the accounting fraud allegations against the company.Samsung BioLogics closed at 285,500 won (US$250.99) on the benchmark KOSPI market on Nov. 12, down 22.42 percen
Will the Financial Supervisory Service (FSS) audit Samsung C&T, the parent company of Samsung BioLogics, in connection with the accounting fraud allegations that the regulator raised against the biosimilar production company?This question is raised by analysts as Choi Jong-koo, chairman of the Finan
As Samsung BioLogics has decided to jointly manage Samsung Bioepis with U.S.-based Biogen, all eyes are on how the decision will affect the financial authorities ruling on Samsung BioLogics’ allerged accounting fraud.Samsung BioLogics said in a regulatory filing on Nov. 6 that it will complete the t