Samsung Bioepis CEO grilled over accounting fraud allegations
Samsung Bioepis CEO grilled over accounting fraud allegations
  • Jung Se-jin
  • 승인 2019.04.25 11:50
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Samsung Bioepis CEO Koh Han-seung

Prosecutors investigating the Samsung BioLogics case, which is suspected of accounting fraud, recently reportedly summoned Koh Han-seung, CEO of Samsung Bioepis, a subsidiary of Samsung BioLogics, for questioning. 

Prosecutors are believed to have investigated the details of Samsung BioLogics' alleged deliberate accounting fraud in 2015 through changes in accounting standards for its subsidiaries, including Samsung Bioepis.

The Securities and Futures Commission under the Financial Services Commission had earlier filed a complaint with the prosecution in November last year, asking the prosecution to investigate Samsung BioLogics' alleged accounting fraud in the process of changing its subsidiary's accounting standards in 2015.

In 2012, Samsung BioLogics established its subsidiary Bioepis as a joint investment with the U.S.-based Biogen. However, the main complaint is that accounting fraud took place in the process of switching from a subsidiary to a related company in 2015, which increased the equity value from 290 billion won to 4.8 trillion won.

Accordingly, the prosecution raided Samsung BioLogics, Samsung Bioepis and four accounting firms and the accounting department of Samsung C&T last December. On April 12, it raided U.S.-based multinational investment bank Goldman Sachs to secure related data. 

Goldman Sachs was the organizer of the listing when Samsung Bioepis, a subsidiary of Samsung BioLogics, sought to be listed on the Nasdaq in July 2015.

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