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Lawmakers want probe of Samsung parent in biotech fraud

Investigation into C&T risks upsetting Lee Jae-yong succession at conglomerate

Samsung group vice chairman Lee Jae-yong, left, visits Mangyongdae Children's Palace in Pyongyang, North Koreain September. Lawmakers have accused Samsung of using BioLogics to smooth Lee's succession.   © Reuters

SEOUL -- South Korean lawmakers are calling on financial regulators to broaden the investigation of accounting fraud at Samsung BioLogics to encompass its parent Samsung C&T, the group's de facto holding company, threatening the succession process put in place by the controlling family.

Politicians from both the ruling and opposition parties have joined forces to press for the inquiry after Rep. Park Yong-jin of the ruling Democratic Party of Korea released documents from C&T that raised questions over the company's role in allegedly inflating the value of its biotech arm ahead of a flotation in 2016.

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