A South Korean court has suspended the first sanctions that the Securities and Futures Commission (SFC) under the Financial Services Commission (FSC) imposed on Samsung BioLogics Co. for a failure to disclose important information. Previously, the company obtained a court injunction to suspend the S
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 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 Financial Supervisory Service’s re-audit of Samsung BioLogics is in its final stage. The financial regulator is expected to maintain its previous conclusion that the biotech company had deliberately committed accounting fraud. As a result, the company is likely to suffer heavy penalties."A re-au
Samsung BioLogics is in a state of perplexity as the Securities and Futures Commission (SFC) filed criminal complaints with the prosecution against the company on July 12, judging that it had “intentionally and illegally” committed accounting fraud.With Samsung BioLogics’ credibility plummeting due
The Securities and Futures Commission (SFC) of the Financial Services Commission (FSC) has requested the Financial Supervisory Service (FSS) to supplement its audit report on Samsung BioLogics.SFC made the decision because it judged that it was necessary to go over Samsung BioLogics’s accounting boo
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
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
All the hands-on members of the Financial Supervisory Service (FSS), who had joined in making a preliminary conclusion that Samsung BioLogics committed accounting fraud, got together at 2 pm on March 17 in the conference room on the 16th floor of the Integrated Government Complex. The members of the
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