Samsung BioLogics shares plunge after regulator says co breached accounting rules

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SEOUL (Reuters) – Shares in Samsung BioLogics Co Ltd fell over 18 percent on Wednesday as South Korea’s watchdog Financial Supervisory Service provisionally decided it had breached accounting rules.

Shares in Samsung CT Corp, which holds a 43 percent stake in drug contract manufacturer Samsung BioLogics, also fell more than 5 percent.

Samsung BioLogics said in a regulatory filing that it will prove it had engaged in proper accounting practices.

Reporting by Joyce Lee; Editing by Stephen Coates

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