Summary
- Prosecutors raided the residence of Namyang Dairy Products Co.’s former chairperson and company headquarters in connection with embezzlement allegations.
- The investigation involves allegations of embezzling company funds, breach of trust, and misuse of company resources for personal use.
- The probe follows a legal battle earlier this year that resulted in the former chairperson losing control of the company.
- Hong, the son of the company’s founder, had agreed to sell a stake in the company but the deal was canceled, leading to further legal disputes.