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Samsung BioLogics Under Spotlight Over Accounting Handling Of Biogen JV

 
• By Jung Won Shin

Samsung BioLogics shares plunge on suspicions it has violated accounting related to affiliate Samsung Bioepis, but the company says its accounting meets IFRS standards and denies any transgressions. Samsung BioLogics could face a penalty, depending on the outcome of upcoming financial authority meetings and whether Biogen exercises its call option on Samsung Bioepis in the coming months.

Inspection
SAMSUNG BIOLOGICS UNDER SCRUTINY

Samsung BioLogics has received a pre-notification from South Korea's financial authority, which has reportedly uncovered suspicions over the possible violation of accounting standards in relation to a former subsidiary. The company has denied any transgressions, saying it has handled its accounting in line with international financial reporting standards (IFRS).

"We have received pre-notification related to the [accounting] inspection from the Financial Supervisory Service (FSS), but we can't disclose details of the notification without prior discussions with the FSS," said...

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