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Seoul Central District Attorney’s Office in Seocho-dong, Seoul. Data photo by Hankook Ilbo
An accounting firm and two affiliated accountants who participated in the Samsung Biologics (Samsung Bio) accounting corruption have been tried.
According to the indictment on the 9th, the Seoul Central District Attorney’s Office 2 Special Court team (Team Leader Kim Young-cheol) sent two members, including Samjeong KPMG, an accounting firm, and its accountants, Byun Mo (49) and Shim Mo (46), to external audits by the companies. He was prosecuted without custody on charges of violating the law.
Previously, the Securities and Futures Committee of the Financial Services Commission accused the company of deliberate fraudulent accounting (accounting fraud) by Samsung Bio in 2018 in the accounting change process in 2015. We also commissioned an investigation into the accounting firm Samjung KPMG and Deloitte Anjin (Anjin), in charge of the audit.
In connection with the alleged illegal succession of Samsung Electronics vice president Lee Jae-yong, the prosecution conducted an investigation seeing the starting point as a fraudulent accounting of Samsung Bio, a subsidiary of Cheil Industries. In late 2015, Samsung Bio changed its accounting standards from sole control to joint control due to the loss of control over Samsung Bioepis. As Samsung Bioepis, which had previously been a “subsidiary”, was treated as an “affiliate”, the size of its assets and liabilities have changed and as a result the value of Samsung Bio on its books has increased to 4.5 trillion. won. The prosecution sees this as fraudulent accounting.
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