An accounting oversight panel will hold a second round of reviews on Samsung Biologics Co.'s alleged violation of accounting rules this week with the goal of drawing a conclusion to the matter within the month so as to limit market falloff, financial officials said Sunday.
On May 2, the Financial Supervisory Service tentatively concluded that the pharmaceutical unit of Samsung Group has violated accounting rules, adding that corrective measures and punishment may be taken depending on the final outcome.
The firm's alleged accounting flaw boils down to whether there were any irregularities over its dramatic business turnaround in 2015. Samsung Biologics, listed on the local stock market in November 2016, reported a net profit of a whopping 1.9 trillion won ($1.76 billion) in 2015, shifting from a loss in the previous four years.
Samsung BioLogics CEO Kim Tae-han speaks to reporters before attending a session at the Financial Services Commission (FSC) in Seoul on May 17, 2018, on suspected accounting irregularities involving his firm. (Yonhap)
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