Prosecutors Request Arrest Warrant for Hong Won-sik, Former Namyang Dairy Products Chairman, Over Embezzlement of 20 Billion Won
The prosecution has requested an arrest warrant for Hong Won-sik, former chairman of Namyang Dairy Products (age 74), on charges of embezzlement, breach of trust, and bribery related to breach of trust.
On the 22nd, the Fair Trade Investigation Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Kim Yong-sik) announced that it had requested an arrest warrant for former Chairman Hong on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement, breach of trust) and bribery related to breach of trust.
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Former Chairman Hong is accused of receiving tens of billions of won from suppliers as transaction fees while serving as chairman of Namyang Dairy Products. He is also suspected of causing losses amounting to over 10 billion won to the company by unnecessarily inserting a company run by relatives between Namyang Dairy Products and its suppliers. Additionally, he is accused of appointing a supplier’s representative as a company auditor and then receiving the salary back or using the corporate credit card for personal purposes. Former Chairman Hong was summoned twice for investigation by the prosecution on the 18th and 20th as a suspect.
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