To our shareholders:
As of September 6th, 2019, South Korea's Supreme Court dismissed the appeal made by the Securities and Futures Commission ("SFC” ) for suspension of the disciplinary action against Samsung BioLogics to 1) revise the financial statements, 2) assign independent auditors for 3 years; and 3) dismiss the CEO and the CFO, and we would like to inform you of the progress.
On November 14th, 2018, the SFC announced to take the following measures against Samsung BioLogics for its accounting treatment of Samsung BioEpis as an equity-method affiliate, instead of a consolidated subsidiary.
- Assign independent auditors for 3 years
- Recommend the dismissal of CEO and CFO
- Revise 2012-2018 financial statements
- Press prosecution charges against the company and CEO)
- Impose a fine of eight billion won
Progress to Date:
- 2018. 11. 27
- Samsung BioLogics filed an administrative suit against the SFC's decision, and requested for suspension of the decision to 1) revise the financial statements, 2) assign independent auditors for 3 years; and 3) dismiss the CEO and the CFO.
- 2019. 1. 22
- The SFC appealed to the Seoul High Court on the Seoul Administrative Court's Jan. 22nd ruling.
- 2019. 5. 13
- The Seoul High Court ruled against the SFC's appeal made on Jan. 30th.
- 2019. 5. 23
- The SFC made a second appeal to the Supreme Court on the Seoul High Court's May 13th ruling
- 2019. 9. 6
- The Supreme Court supported the Seoul High Court's ruling and made a final decision to rule against the SFC's appeal.
For Further inquiries, please contact IR.
Thank you.
- CDO
- CGMP
- ADC
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- IR
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