Samsung BioLogics faces government audit

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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
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