Samsung BioLogics to face criminal investigation in accounting fraud scandal

Arirang News 2018-07-13

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And on to the latest on Samsung BioLogics and the accounting fraud scandal swirling around the firm.
The Financial Supervisory Service says.... a 2015 accounting breach by the Samsung affiliate was *intentional and the biopharmaceutical firm clearly violated accounting rules.
The financial regulator adds... it will refer the case to the prosecution.
The decision comes after a months-long review of the company's book-keeping... when it switched in 2015 to valuing its stakes in drugmaker Samsung Bioepis.... at fair market value instead of at book-value.
Following the announcement,.... Samsung BioLogics expressed regret,... adding that it had no "motive" to intentionally violate accounting rules... and that it will consider taking legal action against the ruling.

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