'Embezzlement Charge with Suspended Sentence' Former Samyang Foods President Kim Jeong-su Returns as General President

[Asia Economy Reporter Choi Sunghye] Former Samyang Foods CEO Kim Jeong-su, who was convicted in January for embezzling 4.9 billion KRW of company funds, has returned as the General President. Kim is the mastermind behind Samyang Foods' biggest hit product, "Buldak Bokkeum Myun" (Hot Chicken Flavor Ramen), created in 2012.

A Samyang Foods official stated on the 13th, "Kim has returned to the company as a non-registered executive and is scheduled to undergo the process of being appointed as a registered executive at the Samyang Foods regular shareholders' meeting in March next year."

Following his return as General President, Kim plans to attend the groundbreaking ceremony for the third factory in Miryang, Gyeongnam, on the 19th as his first external engagement.

Previously, in January, Kim was sentenced to two years in prison with a three-year probation period for embezzling 4.9 billion KRW. Kim's husband, Jeon In-jang, chairman of Samyang Foods, was also sentenced to three years in prison on the same charges and is currently incarcerated.

Due to his conviction on embezzlement charges, Kim was required to step down from his CEO position after his term expired in March, in accordance with relevant laws prohibiting employment at related companies for those convicted. However, Kim requested employment approval from the Ministry of Justice under an exception clause allowing employment if separately approved, and upon receiving approval, he returned as General President.

Samyang Foods stated, "The Ministry of Justice decided to approve Kim's employment, considering that a prolonged absence of the head of the family could cause a management vacuum."

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