A court has ordered Namyang Dairy founder and his family members to hand over their controlling stake in the dairy company to local private equity firm (PEF) Hahn & Company as they agreed last year. The Seoul Central District Court ruled against Namyang Chairman Hong Won-sik and his family, Thursday, saying they should honor their stock purchase agreement (SPA) with the PEF, dismissing all their claims.
Namyang chairman's resignation lifts stock price
Posted : 2021-05-04 16:59
Updated : 2021-05-04 17:42
Namyang Diary Product Chairman Hong Won-sik bows during an apology Tuesday for claims the company made last month, backed by false reports, that its yogurt drink Bulgaris had anti-viral properties making it effective against the coronavirus causing COVID-19. Yonhap
By Kim Jae-heun
Namyang Dairy Product's shares soared 9.52 percent Tuesday following the much-awaited departure of Chairman Hong Won-sik from the top post.
Hong said he took full responsibility for claims made last month, backed by false reports, that the company's yogurt drink Bulgaris had anti-viral properties making it effective against the coronavirus causing COVID-19.