Prosecutors in South Korea are investigating an alleged accounting fraud


Last Wednesday, the prosecutors in South Korea are investigating the alleged accounting fraud who raided the offices of the biopharma unit of Samsung and its two auditors, Deloitte and KPMG.

Last November, the Financial Services Commission, suspended trading in Samsung Biologics shares. It claims that the company intentionally breached accounting rules prior to the listing in 2016.

Biologics denies any wrongdoing. He said that the investigators had entered its office, looking for evidence in the investigation.

The firm has launched a lawsuit against the Financial Services Commission. He said that it is innocent of the allegations.

Two weeks ago, the operator of the stock exchange of Korea said that it was considering whether to force the company to delist.

However, last Monday, the Korea Exchange concluded that it would not prevent the company from the public market, The trading in its shares began again on Tuesday.

Last May, the shares in Samsung Biologics fell down to close to 20 per cent, wiping nearly $6 billion off its market value after the regulator, it levelled the allegations against the firm.

It has served as a coy regarding the exact amounts that it suspects Samsung and its two auditors of.

The shares in Samsung Biologics were trading up by 3.9 per cent to 410,000 Korean Won.

Samsung is considered the biggest family-owned business in South Korea.

Both Deloitte and KPMG and in South Korea, they could not be reached for comment.