July 12, 2018 / 7:24 AM / 4 months ago

S.Korea says Samsung BioLogics violated accounting rules

SEOUL, July 12 (Reuters) - South Korea’s top financial regulator said on Thursday that drug manufacturer Samsung BioLogics Co Ltd had violated accounting rules and it will report the case to prosecutors for potential investigation.

The decision came after a months-long review of BioLogics’ bookkeeping when it switched in 2015 to valuing its stake in drugmaker Samsung Bioepis at fair market value instead of at book value.

The accounting switch helped BioLogics swing to a profit just ahead of its $2 billion IPO in 2016.

The company, which has denied any wrongdoing, was not immediately available for comments. (Reporting by Heekyong Yang and Hyunjoo Jin; Editing by Himani Sarkar and Miyoung Kim)

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