Allegations of Misappropriation of Company Funds from 2000 to Last Year
The prosecution has indicted former Namyang Dairy Products Chairman Hong Won-sik on charges of embezzlement and breach of trust involving approximately 20 billion won.
The Fair Trade Investigation Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kim Yong-sik) announced on the 16th that former Chairman Hong was indicted while in custody on charges including embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes, bribery, and violations of the Food Labeling and Advertising Act. Hong is accused of embezzling and breaching trust involving 21.75 billion won by inserting a pipe company to secure living expenses for relatives and misappropriating luxury villas and vehicles owned by Namyang Dairy Products for personal use.
He is also charged with receiving rebates amounting to 4.37 billion won from four of Namyang Dairy Products' suppliers and employing his cousin at a supplier company, resulting in a salary payment of 600 million won (bribery).
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