Hong Won-sik, former chairman of Namyang Dairy Products, arrested for '10 billion won in breach of trust'

Hong Won-sik, former chairman of Namyang Dairy Products Co., has been arrested for embezzlement and breach of trust.

The Seoul Central District Court issued an arrest warrant for former chairman Hong, who is suspected of breach of trust under the Specific Economic Crime Act, saying there is a risk of destroying evidence.

Former chairman Hong is accused of causing damage worth 10 billion won to the company by operating Namyang Dairy Products, a listed corporation, and inserting a company run by a relative.

He is also accused of receiving billions of won from suppliers in exchange for transactions and using corporate cards privately.