TELETRADER News
10/31/2018, 7:46 AM (Source: TeleTrader)
more TeleTrader news

Samsung BioLogics investigated for financial irregularities

South Korean financial regulators are investigating into a suspected breach of financial and accounting regulations by Samsung BioLogics Co., Yonhap reported on Wednesday. The probe focuses on the company's financial report from three years ago, as its earnings suddenly jumped after previously reporting losses for years. The regulator suspects that the pharmaceutical giant intentionally changed its earnings calculations method to misrepresent the data in the report.

Earlier this year, South Korean Financial Services Commission (FSC) determined that Samsung BioLogics already violated accounting rules by failing to disclose the deal it had with United States pharmaceutical giant Biogen Inc. that entered into a joint venture with Samsung Bioepis Co, Samsung BioLogics' affiliate. At the time the FSC postponed the ruling on whether the company intentionally changed the method for earnings calculations.

This week's review aims to determine the scope of Samsung BioLogics accounting breach. Samsung released its quarterly earnings earlier today, announcing a 17.5% increase in its quarterly net profit.

Breaking the News / SS