Samyang Foods' Chairman, President Indicted for Embezzlement

Write : 2018-04-15 14:50:17 Update : 2018-04-15 14:58:14

Samyang Foods' Chairman, President Indicted for Embezzlement

The top executives of local food company Samyang Foods will stand trial on charges of embezzlement and breach of trust.

The Seoul Northern District Prosecutors' Office on Sunday indicted Chairman Chun In-jang and President Kim Jung-soo without physical detention.

Chun and his wife Kim are accused of embezzling five billion won from Samyang Foods for ten years since August 2008 through paper companies they established.

The prosecution said that the two spent the money for personal purposes to pay for their credit card use.

The chairman is also accused of causing a loss to a Samyang Foods affiliate, by having the affiliate lend two-point-nine billion won to its subsidiary although he was aware of the subsidiary's inability to repay the loan.

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