Report: Warrant Issued for Arrest of Samsung BioLogics Exec in $3.9B Accounting Scandal
An executive from the biologics arm of Korean conglomerate Samsung faces arrest as part of a probe into the company’s accounting practices. according to MedCityNews.
The arrest of the executive, surnamed Lee, is part of an accounting scandal in which Samsung BioLogics allegedly inflated its value ahead of its 2016 initial public offering, after which executives from the company – led by CEO Kim Tae-han – destroyed evidence of the maneuver, reports MedCityNews’ Alaric Dearment.
“Kim appeared in court two weeks ago in Seoul for a hearing to determine whether to issue a warrant for his arrest,” Dearment writes. “Lee is the eighth Samsung BioLogics executive to be arrested.”
