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Photo = Yonhap news |
[Alpha Biz= Paul Lee] Hong Won-sik, the former CEO of Namyang Dairy, who has been undergoing trial for embezzlement and breach of trust involving approximately 20 billion KRW, was released on bail after nearly six months of detention.
The Seoul Central District Court’s Criminal Division 21 approved Hong’s bail request on the 26th, setting conditions including regular attendance at court-designated dates and locations, prohibition of evidence tampering, and a ban on leaving the country without court approval. A bail bond of 100 million KRW was also required. Additionally, Hong is restricted from contacting parties involved in the case.
Hong is accused of causing financial losses totaling approximately 17.1 billion KRW to Namyang Dairy between 2000 and April 2023 by engaging in corrupt practices such as appointing relatives’ companies as suppliers and accepting bribes. He also allegedly received 4.37 billion KRW from four business partners and facilitated the employment of a cousin at one of these suppliers, resulting in about 600 million KRW in wages. There are also allegations that Hong misappropriated around 3 billion KRW of company funds for personal use.
Furthermore, Hong is implicated in the “Bulgaris incident,” where Namyang Dairy falsely advertised the COVID-19 prevention effects of its product, Bulgaris. Prosecutors allege he ordered the disposal of a mobile phone containing incriminating evidence by dumping it in the Han River. In a related case, former CEO Lee Kwang-beom was fined 20 million KRW in a first trial verdict.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
