◀ Anchor ▶
The management rights of Namyang Dairy, which had caused controversy due to abuse of power and drug use by the owner’s family, were transferred to a private equity fund.
In the legal dispute over management rights, Chairman Hong Won-sik’s family ultimately lost.
The rule of the founding family, which had been full of controversy and trouble, has come to an end after 60 years.
Reporter Lim Hyun-joo will report.
◀ Report ▶
In 2021, the fear of the coronavirus pandemic was at its height.
A private research institute announced that Namyang Dairy Bulgaris products are effective in preventing COVID-19.
The product sold like hotcakes and the stock price increased.
However, it was revealed that the laboratory experiments were conducted on dogs and monkeys, not humans, and that Namyang Dairy Products provided research and delivery costs.
[홍원식/남양유업 회장(2021년 5월)]
″I will be stepping down from my position as Chairman of Namyang Dairy Products. I will not pass on management rights to my children.”
Just when public criticism over the resignation of the CEO’s family and the sale of management rights to a private equity fund had subsided, Namyang Dairy Products suddenly announced that the sale would be withdrawn.
A lawsuit was held between Namyang Dairy Products and the private equity fund Hahn & Company, and following the first and second trials, the court ruled in favor of Hahn & Company all the way to the Supreme Court today.
Founded in 1964, Namyang Dairy has maintained its second place in the dairy industry, but in 2013, it became the target of a boycott after it was revealed that it had been hard-selling its products to distributors.
[남양유업 영업사원-대리점(2013년 통화)]
″If you don’t want to die, take (the product). If you don’t want to die, take it. XXX, what did you do? Because when I see your face, I feel like I’m going to kill you.”
In 2019, it was revealed that Chairman Hong Won-sik ordered comments disparaging competitors’ products, suspicions of misuse of company funds, eldest son Hong Jin-seok, drug use by Hwang Ha-na, granddaughter of the founder’s mother, and misuse power. against employees are revealed in succession, damaging the image of the company.
Due to the Supreme Court ruling, the founder, Chairman Hong’s family, lost management rights for the first time in 60 years.
Hahn & Company, a private equity fund that took over management rights, said, “We will restore consumer trust and create a new Namyang Dairy Products.”
This is Lim Hyun-joo from MBC News.
Video commentary: Jeong In-hak/Video editing: Yoo Da-hye
#years #owners #management #Namyang #Dairy #hands #private #equity #fund
