SEOUL (Reuters) - South Korea's top financial regulator, the Financial Services Commission (FSC), said on Tuesday it will file an appeal against a court decision to suspend sanctions on Samsung (KS:005930) BioLogics Co Ltd.
A South Korean court suspended last week the FSC's disciplinary action against Samsung BioLogics for allegedly breaching accounting rules.
In November, the FSC said the biotech arm of Samsung Group intentionally breached accounting rules ahead of its 2016 listing. It called for the firm's chief executive officer and chief finance officer to be fired, imposed fines, and requested the firm correct its balance sheet.
Samsung BioLogics filed an administrative lawsuit at the Seoul Administrative Court to nullify the watchdog's findings and sought an injunction to halt any disciplinary action until the court rules on the matter.