Namyang Dairy Takes Reform Measures, Official Apology for 'Maeil Dairy Defamation Comments'

[Asia Economy Reporter Seungjin Lee] Namyang Dairy Products has admitted and apologized for defaming its competitor Maeil Dairies through comment manipulation. This is Namyang Dairy Products' first official action toward management reform since being sold to the private equity fund (PEF) Hahn & Company (Hahn & Co) following the 'Bulgaris incident.'

On the 30th, Namyang Dairy Products posted an apology titled "Notice from Namyang Dairy Products Co., Ltd." on its homepage, stating, "We sincerely apologize for using a promotional agency in 2019 to conduct baseless online comment defamation against Maeil Dairies' organic products and their production farms on internet mom cafes and portal site bulletin boards."

In the apology, Namyang Dairy Products said, "We deeply apologize to consumers for causing confusion by providing distorted information without objective evidence," and "We also sincerely apologize to Maeil Dairies, its executives and employees, farm owners, and dealers who were distressed by our wrongful actions."

It continued, "The company takes full responsibility and promises to strengthen company-wide ethical regulations to prevent recurrence, implement compliance management in marketing, sales activities, and agency operations, and make every effort including employee education."

This official apology is interpreted as reflecting Namyang Dairy Products' intention to start anew after being acquired by Hahn & Co. At the end of May, Hahn & Co acquired about 53% of Namyang Dairy Products' shares and full management rights from former chairman Hong Won-sik and the owner family for 310.7 billion KRW.

At that time, Hahn & Co stated, "Since acquiring the company, we have improved its structure, strengthened competitiveness, and enhanced corporate value," and "Through active investment and strengthening management transparency, we will regain trust and become a beloved Namyang."

This content was produced with the assistance of AI translation services.