South Korean Prosecutors Raid Samsung Offices Amid Ongoing Fraud Probe - Reports
Fakhir Rizvi 5 days ago Thu 14th March 2019 | 07:56 PM
South Korean prosecutors raided on Thursday offices of the Samsung Group as part of an investigation into suspected accounting fraud on the part of Samsung BioLogics, the company's biopharmaceutical arm, local media reported
The prosecutor's office launched its investigation more than three months ago upon finding suspicious account documents for Samsung BioLogics from 2015 that showed a sudden spike in profits after years of losses.
The possible fraud reportedly benefited Samsung Group's heir apparent, Lee Jae-yong. According to the South Korean financial regulator, the suspected fraudulent accounting could amount to 4.5 trillion won ($4.35 billion).
Samsung BioLogics has denied the accusations, pointing out that the methodological changes in the company were in line with international accounting standards.