Samsung BioLogics faces government audit

Home > Business > Industry

print dictionary print

Samsung BioLogics faces government audit

Korea’s financial regulatory agency said Thursday that it will conduct a special audit on Samsung BioLogics, a biopharmaceutical subsidiary of Samsung Group, over alleged accounting irregularities

The Financial Supervisory Service made the decision on Wednesday, an FSS official said.

The official, who spoke on the condition of anonymity, said the regulator found “unclear parts” in an audit report of Samsung BioLogics, which was revised by the Korean Institute of Certified Public Accountants. The audit report was published before an initial public offering by Samsung Biologics last November.

Samsung BioLogics had been suffering losses since 2011, but reported a net profit of 1.9 trillion won ($1.7 billion) in 2015. Samsung BioLogics said it has yet to receive a notification from the FSS, but it will cooperate with a special audit to clear up “factual grounds.” YONHAP

More in Industry

Eastar Jet's pilot union pushes for receivership of airline

ITC agrees to review its decision in Botox dispute

Hyundai Motor and union come to a wage freeze deal

Samsung Biologics signs supply deal with AstraZeneca

Tesla to increase battery cell purchases from suppliers including LG

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now