Dear Shareholders and Investors,
On May 2, Samsung Biologics received a preliminary notice from the Financial Supervisory Service (FSS) regarding the company’s compliance with accounting rules. While the notice indicates the FSS’s decision that the company has infringed accounting rules, it neither states facts nor the basis supporting such decision. As a result, with respect to the upcoming Accounting Oversight Deliberation Committee’s deliberation on May 17, Samsung Biologics believes that the company has been seriously deprived of its right to defend itself against the FSS’s allegations.
Accordingly, on May 11, Samsung Biologics sent an official request to the FSS that it disclose the grounds for its decision in the May 2 preliminary notice, and is currently waiting its reply.
As Samsung Biologics has previously explained on many occasions, the company’s accounting treatments were done in accordance with international accounting standards. Samsung Biologics will put forth its best efforts to prove the legality of its actions at the Accounting Oversight Deliberation Committee on May 17, and continue to maximize our shareholders’ returns.
Kind regards,
May 15, 2018
Tae Han Kim
CEO & President
Samsung Biologics Co., Ltd.
Dear Shareholders and Investors,
On May 2, Samsung Biologics received a preliminary notice from the Financial Supervisory Service (FSS) regarding the company’s compliance with accounting rules. While the notice indicates the FSS’s decision that the company has infringed accounting rules, it neither states facts nor the basis supporting such decision. As a result, with respect to the upcoming Accounting Oversight Deliberation Committee’s deliberation on May 17, Samsung Biologics believes that the company has been seriously deprived of its right to defend itself against the FSS’s allegations.
Accordingly, on May 11, Samsung Biologics sent an official request to the FSS that it disclose the grounds for its decision in the May 2 preliminary notice, and is currently waiting its reply.
As Samsung Biologics has previously explained on many occasions, the company’s accounting treatments were done in accordance with international accounting standards. Samsung Biologics will put forth its best efforts to prove the legality of its actions at the Accounting Oversight Deliberation Committee on May 17, and continue to maximize our shareholders’ returns.
Kind regards,
May 15, 2018
Tae Han Kim
CEO & President
Samsung Biologics Co., Ltd.
- CDO
- CGMP
- ADC
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- IR
- CMO