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SEOUL, South Korea (AP) – South Korea's top financial regulator said Thursday it had found intentional breaches of accounting rules at Samsung Biologics, the contract drugmaking unit once seen as Samsung's future growth engine.
The Financial Services Commission said it will bring the case to prosecutors and ask Samsung Biologics to dismiss executives in charge of accounting breaches. It will also penalize an accounting firm that Samsung audited.
The commission said the company failed to notify investors of its joint venture agreement with Biogen, a U.S. biotechnology company. Samsung Biologics and its subsidiary, allowing Samsung Biologics to become more profitable in 2015 before their listing in a Seoul stock market in 2016.
The commission said Samsung Biologics was aware that leaving out Such information could be a violation of accounting rules.
Samsung Biologics said it was a source of controversy because of the business of the world.
it had not breached accounting rules.
Samsung Biologics counts Samsung C & T and Samsung Electronics as its two largest shareholders.
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