Samsung Bio faces deadlock in its investment in Songdo due to accounting fraud
Samsung Bio faces deadlock in its investment in Songdo due to accounting fraud
  • Kim Min-jee
  • 승인 2018.12.11 12:12
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As the financial authorities concluded that the accounting of Samsung Biologics (Samsung Bio) was a deliberate accounting fraud, the company's investment plan in Songdo has been disrupted. 

The Dong-A Ilbo quoted an Incheon city official as saying that while Samsung Bio focused its capabilities on the accounting issue internally, it was not able to fully support its investment plan to build five plants on a 330,000-square-meter site in Songdo along with Incheon City. The company earlier planned to invest about 4 trillion won to create new jobs in Songdo.

"We are waiting for detailed business plan discussions with Samsung Bio because the latter is focusing all energy on accounting issues for the time being," said an official from the Incheon Free Economic Zone Authority.

Bio is a field that Samsung Group is fostering as the second semiconductor. Samsung Bio finished self-verification of its third plant, which is the world's largest biomedical production plant based on a single plant, and started producing "cGMP (Guidance on Good Manufacturing Practices) " in order to obtain approval for global manufacturing. 

Some predict that it will announce a plan to extend its 4th plant within this year. However, as a result of the accounting fraud, the project has hardly been promoted. 

"We are still discussing the business plan with the Incheon Free Economic Zone Authority. The rumor of an end to our investment plan is groundless," a Samsung Bio official told The Dong-A Ilbo.

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