Court, suspension of Samsung Bio sanctions

The sanctions imposed by the Korea Securities & Futures Commission on Samsung BioLogics will be suspended for some time.

The Seoul Administrative Court's 한국야동
Administrative Department 3 (chief judge Park Sung-kyu) quoted a suspension of execution by Samsung BioLogics to the Securities and Futures Commission under the Financial Services Commission on Tuesday.

The court judged that if Samsung BioLogics is imposed immediately, it could cause irreparable damage.

As a result, the committee's sanctions will be suspended until the results of an administrative lawsuit filed by Samsung Bio.

In November last year, the committee announced that Samsung Bioepis, a subsidiary of Samsung Bioepis, intentionally made false accounting while changing its accounting standards from a subsidiary to an associate. The commission estimated that the amount of false information is about 4.5 trillion won.

Based on this, the NEC imposed Samsung Bio's recommendation to dismiss its CEO and related executives, three years designated as auditors, requests for correction of financial statements, and fines of 8 billion won. Separately, the company and the CEO filed a complaint with the prosecution.

Samsung Bio immediately filed an administrative lawsuit against the committee, saying that it made all accounts legal according to the criteria. In addition, the court requested the suspension of the execution, saying, "Please stop the effect of administrative disposition, such as a request for correction or a fine, until a court decision is made."