Regulator to make ruling on Samsung BioLogics in July

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Regulator to make ruling on Samsung BioLogics in July

Korea’s financial regulator said Thursday it plans to make a final ruling on Samsung BioLogics’ alleged accounting fraud in mid-July.

In a statement, the Financial Services Commission (FSC) also said it has asked the Financial Supervisory Service (FSS) to amend some measures the FSS could take against Samsung BioLogics over the alleged breach.

The FSC did not elaborate on what the measures are but said it will hold more regulatory reviews by mid-July before making a final ruling.

The FSS gave a preliminary notice earlier last month to Samsung BioLogics that it broke accounting rules in 2015.

The regulatory review centers on questions about the biopharmaceutical company’s sudden profit in 2015 after years of losses. Samsung BioLogics reported a net profit of 1.9 trillion won ($1.7 billion) that year after changing the method used to calculate the value of its affiliate Samsung Bioepis.

Samsung BioLogics has claimed that the change was in line with international accounting standards.

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