Samsung BioLogics is concerned about the accusation of accounting fraud

| By | Pharmaceutical Industry, Samsung, South Korea

South Korea’s major biopharmaceutical firm Samsung BioLogics Co., which has been embroiled in an alleged violation of accounting rules, expressed concern over the local financial regulator’s disclosure of sensitive information.

“We express deep concern and regret over the situation where sensitive information surrounding the case, which is under inspection, has been disclosed (to the public),” Samsung BioLogics said in a statement targeting the Financial Supervisory Service (FSS).

The FSS tentatively concluded last week that the firm committed accounting fraud while assessing the value of another drug affiliate, Samsung Bioepis, in late 2015. Samsung BioLogics denies all allegations made.

Samsung BioLogics said it received notifications from the FSS earlier this month that also warned the company not to open the information to the public, including to the press.

The company, however, said the FSS has continued to leak unidentified information surrounding the case to the public, which led to the circulation of misleading news among investors, sparking anxiety in the market.

Samsung BioLogics said it will continue to cooperate with related investigation procedures and deliver its own position on the issues.

“We had no reason to ‘intentionally’ breach any accounting rules and firmly disagree with the FSS’s allegation that we did so. We are confident that absolutely no accounting fraud has been committed,” Samsung BioLogics CEO Kim Tae-han commented.

SOURCE: the korea bizwire
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