Hong Won-sik: "Selling Namyang Dairy Products is the Best Way to Apologize"

Hong Won-sik, Chairman of Namyang Dairy Products, attended the National Assembly's audit on the Fair Trade Commission held by the National Assembly's Judiciary Committee on the 5th and responded to questions from lawmakers. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Seungjin Lee] Hong Won-sik, chairman of Namyang Dairy Products, said on the 5th, "I decided to sell the company due to the Bulgari incident, and I thought this was the best way to regain the trust of the people and apologize to them."

Chairman Hong appeared as a witness at the National Assembly's Fair Trade Commission audit by the Political Affairs Committee and responded to a question from Yoon Joo-kyung, a member of the People Power Party, who said, "Franchise owners are suffering damage due to owner risk."

Regarding the damage suffered by distributors due to the so-called 'Bulgari incident,' Chairman Hong said, "The Bulgari incident occurred unexpectedly, and I had no way to manage it," adding, "I thought selling the company and finding the most suitable buyer to restore Namyang Dairy Products' status was the solution."

When asked whether the company uses a standard contract with franchise owners, he said, "I don't know the details well, but I understand that compared to some competitors, our contract terms with franchise owners are not considered bad."

Chairman Hong is scheduled to appear as a witness at the Health and Welfare Committee audit on the 8th regarding the controversy over promoting their product 'Bulgari' as having an effect in suppressing COVID-19.