Prosecutors summon Hong Won-sik, former chairman of Namyang Dairy Products, for alleged embezzlement of 20 billion won

Prosecutors called in Hong Won-sik, former chairman of Namyang Dairy Products, who was accused of embezzling 20 billion won worth of company funds.

The Seoul Central District Prosecutors' Office yesterday (18th) summoned former chairman Hong as a suspect to investigate.

Prosecutors are said to have investigated former chairman Hong's allegations of receiving compensation from suppliers in exchange for business orders or siphoning off some of the payments through intermediaries in the process of exporting.

It is also looking into allegations that former chairman Hong handled overseas travel and art purchases as company expenses or used corporate cards privately.

Former chairman Hong reportedly denied all related charges.

Earlier in August, Namyang Dairy filed a complaint against Hong and three former executives, saying they suspected Hong and others embezzled and betrayed 20 billion won, or 3% of Namyang Dairy's equity capital.