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Samsung Biologics – Accounting a Subsidiary as an Affiliate |
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INTRODUCTION |
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In November 2018, Kim Yong-beom (Kim), chairman of South Korea’s finance regulator, Securities and Futures Commission (SFC), announced, “We concluded that the company violated accounting standards intentionally in 2015 to have legitimacy in changing its controlling power [in its affiliate].” The company Kim was referring to was Samsung BioLogics Co Ltd. (BioLogics), South-Korea-based manufacturer of biopharmaceuticals...
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