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Ex-chairman of Namyang Dairy arrested over alleged breach of trust, false advertising
By YonhapPublished : Nov. 29, 2024 - 09:30
A former chairman of a major dairy company has been arrested on charges of breach of trust and false advertising related to a yogurt product's benefits against COVID-19.
Hong Won-sik, former chairman of Namyang Dairy Products Co., was arrested late Thursday night following the issuance of an arrest warrant by the Seoul Central District Court, which cited concerns he will destroy evidence.
Hong is accused of inflicting losses of some 10 billion won ($7.16 million) on the company by needlessly involving businesses run by his family members in deals.
He is also accused of taking billions of won from suppliers in exchange for securing deals and using corporate cards for personal use.
Prosecutors also charged Hong with involvement in a false advertising campaign related to the benefits of Namyang's Bulgaris yogurts in preventing COVID-19. (Yonhap)
