Regulator halts trading of Samsung BioLogics’ shares
Korea's Financial Services Commission says company's listing under review for breaching accounting rules
SEOUL — South Korea’s top financial regulator said Samsung BioLogics had intentionally breached accounting rules ahead of its 2016 listing, leading to a suspension in trading of the biotech firm’s shares and a review of its listing status. The Financial Services Commission (FSC), which has been reviewing the matter after a complaint by an activist group and politicians that the Samsung group arm unfairly inflated its value, also called for Samsung BioLogics’ CEO to be fired. The disciplinary action is a blow to South Korea’s biggest conglomerate, which is banking on biopharmaceuticals for growth and announced plans in August to invest 25-trillion won ($22bn) in the business and in other areas such as artificial intelligence and 5G mobile technology. It also comes at an awkward time for the group, as heir Jay Y Lee is awaiting a Supreme Court ruling on bribery charges and politicians are calling for transparency in its governance. Critics have said Samsung BioLogics breached accounti...
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