Samsung Bio Disclosure disappeared, criticized by Lee Myung-yong

"The lack of disclosure by Samsung Bio Logics may be directly related to the accounting process of 2015, if it is related to the trial of Lee Jae Yong." [19659006] Kim Kyung-ryul, Financial Director, Pyeongtaek Economic and Financial Center. Kim said in a telephone conversation with <오마이뉴스> on the 13th, "The Financial Services Commission had no intention (this effect)."

The final conclusion on the suspicion of accounting fraud for Samsung Bio Logics (Samsung Bio) in 2015, which was a key issue of the Securities and Futures Commission of the Financial Services Commission on December 12, was sanctioned.

In addition, there is an badysis that the accounting treatment of Samsung Biotech at the end of 2015 was made after the merger of Cheil Industries and Samsung C & T. Professor Shin Hong-Ie, Professor at Samsung Medical Center, said: "Due to the number of mergers in the merger (May 2015), Samsung's Bio executives, which are far from being numbers, may be uncomfortable."

Meanwhile, Professor Jeong said: "As a result of the accounting process at the end of 2015, the merger will be postponed until the end of 2015, I did not do it, but rather to reduce the gap between the merger and the actual business situation. "In other words, even if Samsung Biotech accounts for the loss at the end of 2015, it means that it aims to make mistakes in the merger of Cheil Industries and Samsung C & T Corporation.

Vice President Lee Jae-yong was indicted for bribing former President Park Geun-hye and Choi Soon-sil, but was released under surveillance in February.

"

On December 12, the Supreme Court of Korea announced the final conclusion regarding the alleged misconduct of Samsung Biotech.The Supreme Court ruled that the omission of Samsung Biotech to disclose the Samsung Bio E & P (purchase options) stock options to Biodgen constituted a deliberate and flagrant breach of accounting standards.As a result, the Supreme Court decided to take measures such as the recommendation of the dismissal of Samsung Biotech's executives and lawsuits.

The omission of the Samsung Bio Disclosure, which the Supervisory Board has pointed out as a problem, has been clbadified as a relatively small issue among the various controversial issues.

However, it should be noted that Samsung Bio Co., Ltd., a subsidiary of Samsung Electronics, has made a mistake in accounting for its value as a subsidiary, There is a he is stronger with the Samsung business succession process, and it has been argued that Park Geun-hye and Choi Soon-sill can influence the decision of Lee Jae-yong, vice president of Samsung Electronics, to the Supreme Court. On May 12, the KPY also said, "The disclosure of the missing purchase options should not be considered a matter of Samsung Bio's accounting fraud, but should be used as a tool to conceal the unfairness from Cheil Industries – Samsung C & T fusion. Meanwhile, the Pyeongyang Solidarity Association released the related report, but it is essential that Samsung Biotech rule out the revelation of the call option and Lee Jae-yong derives unfair advantage of more than 1 trillion won, and the national pension lost about 200 billion won

"The liabilities of the purchase options reflect the ratio of wool-produced merger … it would not have been merged"

The purchase options say the right to buy shares, They are accounted for as debt. This is because you have to consider the possibility of handing over the stock you had as an badet. Samsung Biotech, however, did not disclose it in its financial statements until 2013 after its inception in 2012, and it was unfairly disclosed to the extent that it is difficult to judge the extent of liabilities in 2014

The merger ratio of Cheil Industries – Samsung C & T merged with Samsung C & T Corporation at 1%, while the merger ratio was favorable to Cheil Industries, which was the largest shareholder during the fusion. lt; / RTI & gt; The value of Samsung C & T represents only a third of the value of Cheil Industries. However, if Samsung Bio announced its option to buy and reflected it as a liability, the value of Samsung Bio would decrease and the value of Cheil Industries, the largest shareholder here, would have declined.

If the debt related to the option to purchase is reflected And the ratio of mergers exceeded 1 to 0.5. "If the purchase option debt is reflected, it means that the National Pension should have voted against the merger at the general meeting of Samsung C & T."

At the time, the National Pension received 11% of Samsung C & T and Cheil Industries And had a share of about 4%. If the value of Samsung C & T for Cheil Industries is 1: 0.5, which is greater than 1: 0.35, the national pension would not have been able to accept the merger so to avoid damage.

Yong-jin Park, "A major crime in which the disclosure is omitted, it must be revealed who committed the crime. In this regard, the Democratic deputy Park Yong-jin said: "If the announcement of the option to purchase was not omitted after the announcement of the results on 12 December, the value of Samsung BioEpice would have been reduced by half and the value of Samsung BioLogics would have decreased.