ACROFAN

Suspension of Two Sanctions Against Samsung BioLogics Is Confirmed, and It Accelerates Global Business

Published : Wednesday, October 16, 2019, 11:14 pm
ACROFAN=Jae-Yong Ryu | jaeyong.ryu@acrofan.com | SNS
 
The Securities and Futures Commission (SFC) has confirmed suspension of both first and second sanctions against Samsung BioLogics.

The Supreme Court's third division announced on November 11 that it decided a ‘without hearing’ dismissal to the SFC’s re-appeal case to cancel the court’s suspension decision on sanctions against Samsung BioLogics.

‘Without hearing’ dismissal means that the Supreme Court considers that it is not subject to appeal or re-appeal case and decides without making a separate hearing.

In 2017, the SFC announced that Samsung BioLogics deliberately committed accounting fraud in the process of changing accounting standards of Samsung Bioepis from subsidiary to affiliated company at the end of 2015.

After the announcement, in July 2018, Samsung BioLogics was advised the first sanction including dismissal of its representatives and executives and auditor designation for three years. In November, the company faced the second sanction to dismiss a representative, rewrite financial statements, and pay a fine of 8 billion KRW.

As sanctions increase, Samsung BioLogics requested for suspension of execution for the first and second sanction, and the lower instance agreed with Samsung BioLogics. The SFC re-appealed to the Supreme Court, but after the suspension of the second sanction on September 6, it concluded to suspend the first sanction as well.

On the other hand, as the suspension of execution was confirmed, Samsung BioLogics was able to ease the congestion and accelerate the development of global business. Hence, in the Korean stock market, it has jumped 3.99 percent in a day on the 16th.

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