Ilyang Pharmaceutical said Monday that a prosecutors’ investigation into allegations raised by financial authorities — including accounting violations and obstruction of an external audit — ended with a decision of no charges and no right to prosecute.
The Suwon District Prosecutors’ Office had previously said Ilyang Pharmaceutical inflated net profit and shareholders’ equity by bringing its Chinese joint ventures, Tonghua Ilyang and Yangzhou Ilyang, into its consolidated subsidiaries, and that it submitted forged documents during the audit process. The case was referred to prosecutors along with a recommendation for severe sanctions.
The company said the decision came about three months after financial authorities’ determination.
Ilyang Pharmaceutical said it will continue to strictly comply with laws and accounting standards and pursue transparent, responsible management.
* This article has been translated by AI.
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