FSS sticks to its will to impose heavy penalty on Samsung Biologics
FSS sticks to its will to impose heavy penalty on Samsung Biologics
  • Lee Jun-sung
  • 승인 2018.10.19 12:04
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The Financial Supervisory Service (FSS) is drawing attention as it sticks to its previous stance to impose severe disciplinary action on Samsung Biologics for their alleged accounting fraud. Yoon Seok-hun, governor of the FSS, also said during a recent parliamentary inspection that he would complete another audit of Samsung Biologics by the end of this year. 

"Not much has changed from the previous conclusion," Yoon said. In other words, the financial authorities have repeatedly confirmed that there is no change in their stance on the company's violation of accounting standards. 

"Related to this, we are going to send Samsung an advance notice asking how it violated accounting standards," he said. 

The accounting fraud allegation by Samsung Biologics stemmed from a lawsuit filed by the Securities and Futures Commission (SFC) in July against Samsung Biologics under its judgment that the company intentionally violated the public notice. 

The issue of this case is the reason why Samsung Biologics, which had continued to have a deficit in accounting standards between 2011 and 2014, suddenly turned into a surplus in 2015. 

Earlier, the FSS concluded that Samsung Biologics intentionally conducted accounting fraud in the process of changing its subsidiary, Samsung Bioepis, to a related company in 2015. 

In the case of accounting treatment between 2012 and 2014, it is highly unlikely that the FSS will judge the case as "unintentional" or "gross negligence" or "mistake." 

Samsung Biologics has been asserting no charges during the last deliberation of the commission.

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