Samsung Biologics CEO regrets accounting fraud ruling

November 15, 2018

SEOUL, Nov. 15 (Yonhap) — The chief of Samsung BioLogics Co. claimed Thursday that his company didn’t intentionally violate accounting rules before listing its stock on the Seoul bourse in 2016 and expressed regret over the financial regulator’s ruling.

The Securities and Futures Commission (SFC) suspended share trading of Samsung BioLogics on Wednesday and slapped it with a fine of 8 billion won ($7.05 million), after ruling that it committed accounting fraud in 2015 to inflate its value ahead of an initial public offering in the following year.

In an email sent to employees, Samsung BioLogics CEO Kim Tae-han said the company’s accounting methods were in line with the International Financial Reporting Standards and that the nation’s certified public accountants and the financial watchdog had previously concluded there were no problems.

“I deeply regret the SFC’s decision,” Kim wrote in the email. “We will file an administrative suit against its ruling and take legal actions.”

Kim made the remark after the financial regulator recommended Samsung BioLogics to fire him as the person responsible for the accounting breach.

The official said the healthcare unit of Samsung Group is “the world’s top contract manufacturing organization” and has earned 19 global manufacturing approvals. He told employees to keep their focus on innovation and expansion in the global market.

The Korea Exchange, the nation’s bourse operator, has 15 days to review a possible delisting of Samsung BioLogics.

Kim Tae-han (C), CEO of Samsung BioLogics, arrives at the Seoul government complex in the capital on Nov. 14, 2018, to attend a meeting of the Securities & Futures Commission, which later ruled that the firm committed accounting fraud in 2015 to inflate its value ahead of an initial public offering in 2016. (Yonhap)

Kim Tae-han (C), CEO of Samsung BioLogics, arrives at the Seoul government complex in the capital on Nov. 14, 2018, to attend a meeting of the Securities & Futures Commission, which later ruled that the firm committed accounting fraud in 2015 to inflate its value ahead of an initial public offering in 2016. (Yonhap)

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