November 14, 2018 / 8:07 AM / 6 months ago

S.Korea regulator says Samsung BioLogics intentionally breached accounting rules

SEOUL, Nov 14 (Reuters) - South Korea’s top financial regulator on Wednesday said it found Samsung BioLogics Co Ltd intentionally breached accounting rules in inflating the company’s value ahead of its 2016 stock exchange listing.

Kim Yong-beom, vice chairman of the Financial Services Commission, said trading of BioLogics shares would be suspended following the decision and that the bourse would review the validity of its listing.

Shares in the biotech drug arm of Samsung Group, South Korea’s biggest family-run conglomerate, have plummeted in recent months amid concerns about its accounting practices.

Reporting by Hayoung Choi and Yuna Park; writing by Ju-min Park; Editing by Christopher Cushing

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