Prosecutors raid Seoul bourse in Samsung BioLogics probe


0

Prosecutors raided South Korea’s main stock exchange Friday as part of a probe into alleged accounting fraud by Samsung BioLogics Co.

Investigators from the Seoul Central District Prosecutors’ Office were sent to search the Korea Exchange in western Seoul.

They also raided the offices of two Samsung units — Samsung S&T Corp. and Samsung SDS Co. — on Thursday in the probe into the biopharmaceutical company. 

(Yonhap)

Prosecutors are investigating allegations that Samsung BioLogics Co. broke accounting rules in inflating the value of its subsidiary, Samsung Bioepis, ahead of BioLogics’ 2016 initial public offering.

The prosecution suspects the KRX eased the IPO rules at that time to make BioLogics eligible for listing on the tech-heavy KOSDAQ market.

The Financial Services Commission judged in its own inquiry that the alleged fraudulent accounting possibly amounts to 4.5 trillion won ($3.96 billion).

Civic groups claimed the alleged fraud was aimed at enhancing heir apparent Lee Jae-yong’s control of Samsung Group. (Yonhap)

Source : koreaherald


Like it? Share with your friends!

0

What's Your Reaction?

hate hate
0
hate
confused confused
0
confused
fail fail
0
fail
fun fun
0
fun
geeky geeky
0
geeky
love love
0
love
lol lol
0
lol
omg omg
0
omg
win win
0
win

Comments

comments

Powered by Facebook Comments

Choose A Format
Story
Formatted Text with Embeds and Visuals
Video
Youtube, Vimeo or Vine Embeds
List
The Classic Internet Listicles
Open List
Submit your own item and vote up for the best submission
Countdown
The Classic Internet Countdowns
Poll
Voting to make decisions or determine opinions
Ranked List
Upvote or downvote to decide the best list item
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Meme
Upload your own images to make custom memes
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format