Prosecutors Seek 10-Year Prison Term for Former Namyang Dairy Chairman Hong Wonsik on 20 Billion Won Embezzlement Charges

Prosecutors have requested a 10-year prison sentence for Hong Wonsik, former chairman of Namyang Dairy Products, who is on trial for embezzlement and breach of trust involving more than 20 billion won.

Hong Wonsik, former chairman of Namyang Dairy Products. Photo by Yonhap News

At the sentencing hearing for Hong, held on December 19 at the Criminal Agreement Division 21 of the Seoul Central District Court (presided over by Chief Judge Lee Hyeonbok), prosecutors sought a 10-year prison term and the forfeiture of approximately 4.3 billion won.

Hong has been indicted on charges of causing 20.1 billion won in damages to the company by misappropriating corporate-owned villas and vehicles for personal use, and by inserting intermediaries into transactions (in violation of the Act on the Aggravated Punishment of Specific Economic Crimes, including embezzlement, breach of trust, and receiving kickbacks).

He was also indicted for accepting 4.37 billion won in rebates from four Namyang Dairy Products partner companies, as well as for participating in promotional activities and destroying evidence in connection with the company's false advertising claim in April 2021 that drinking Bulgaris could prevent COVID-19 infection (in violation of the Food Labeling and Advertising Act).

Hong was detained and put on trial in December last year, but was released on bail in May and is now being tried without detention.

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