SFC to Appeal against Suspended Execution of Sanctions on Samsung BioLogics

The Securities and Futures Commission (SFC) has decided to seek another court ruling with regard to the recent court decision to suspend the execution of sanctions against Samsung Biologics.

The SFC announced on Jan. 29 that it would submit a written complaint against the suspension of execution on Jan. 30.
 

“Samsung Biologics’ accounting fraud is an illegal act that continuously affects the company’s future financial statements, and interested parties such as investors may have to make investment decisions based on wrong data for a while unless the financial statements are corrected,” the SFC explained, adding, “We will do what we can do to prove the legitimacy of the administrative sanctions.”