Hong Wonsik, former chairman of Namyang Dairy Products, who was indicted on charges of embezzlement and breach of trust amounting to about 20 billion won, is set to be released on bail.
According to the legal community on May 26, the 21st Criminal Division of the Seoul Central District Court (Presiding Judge Lee Hyunbok) granted Hong's bail request on this day. The bail conditions include a deposit of 100 million won, restrictions on residence, an obligation to appear when summoned by the court, and submission of a written pledge. Previously, the court held a bail hearing for Hong on May 16.
Hong was detained on November 28, 2024, while the prosecution's investigation was underway, and was indicted while in custody on December 16 of the same year. From 2000 to April 2023, he was found to have caused Namyang Dairy Products a distribution margin loss of 17.1 billion won by inserting shell companies to pay so-called "toll fees," and to have received 4.37 billion won in rebates from four of Namyang's partner companies. The prosecution concluded that Hong effectively led the so-called "Bulgaris incident" in 2021, and also indicted him on charges of violating the Food Labeling and Advertising Act and instigating the destruction of evidence.
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