SEOUL—South Korea’s top financial regulator said Samsung BioLogics Co. Ltd. had intentionally breached accounting rules ahead of its 2016 listing, leading to a suspension in trading of the biotech firm’s shares and a review of its listing status.
The Financial Services Commission (FSC), which has been reviewing the matter after a complaint by an activist group and politicians that the Samsung Group arm unfairly inflated its value, also called for Samsung BioLogics’ CEO to be fired.
