The main ground for the Financial Supervisory Service’s allegations that Samsung BioLogics had committed accounting fraud was the company’s conversion in 2015 of the status of Samsung Bioepis from a subsidiary to an affiliate. But the FSS actually argued during its special audit of Samsung BioLogics
Financial Services Commission (FSC) Chairman Choi Jong-ku said on May 18 that he would actively take the International Financial Reporting Standards (IFRS) into account at the second meeting of the Accounting Oversight Deliberation Committee (AODC) regarding the accounting fraud allegations against
The South Korean financial authorities are likely to wrap up their review of the accounting fraud allegations against Samsung BioLogics earlier than expected.According to the authorities, the Accounting Oversight Deliberation Committee is planning to finish its review within this month and report th
A group of investors are moving to file lawsuits against the Financial Supervisory Service (FSS) as they have suffered losses due to its imprudent behavior and double standard on Samsung BioLogics’ accounting practice.They argue that the FSS caused them huge losses by making an unprecedented and imp
The stock price of Samsung BioLogics dropped by more than 17% after the Financial Supervisory Service (FSS) made an announcement on Samsung BioLogics’ accounting fraud allegations.On May 2, the stock price fell 17.21% or 84,000 won per share and closed at 404,000 won with the daily trading volume sk
The Financial Supervisory Service (FSS) has provisionally determined that fraudulent accounting occurred in Samsung BioLogics. Although the final result of its one-year investigation is yet to come, a severe punishment seems to be inevitable. The FSS has delivered the tentative outcome of its inspec