Samsung BioLogics Faces Penalties As Authorities Conclude 'Intentional' Accounting Violation
Executive Summary
Things have turned for the worse for Samsung BioLogics after a second review by financial authorities in South Korea over its accounting related to corporate control over Samsung Bioepis, resulting in fines, a recommendation for dismissal of its CEO, and a suspension in trading in its stock. The company is poised to face tough times ahead, although it reiterates it hasn’t violated any accounting rules and has vowed again to seek legal steps.