Expedient Management: Owner Family of Samyang Food Allegedly Commits Internal Trading | BusinessKorea

Saturday, July 22, 2017

Jeon In-jang, chairman of Samyang Food.
Jeon In-jang, chairman of Samyang Food.
SEOUL,KOREA
12 July 2017 - 11:15am
Michael Herh

An allegation was made that Samyang Food had been committing internal trading for a company with a special relationship with the owner family. In addition, controversy was aroused that the holding company of Samyang Food was a bogus company.

On July 10, after analyzing several years of internal trading data, JTBC Newsroom reported that it found circumstantial evidence that Samyang Food committed internal trading for owner’s individual profit and transferred its managerial right via an expedient.

According to JTBC Newsroom, Samyang Food purchases soup raw materials, packaging paper and boxes among others through a company run by the owner's family and the company is hard to identify. Of course, it is said that the prices are also 20 percent higher than those of its competitors.

In addition, a son of the chairman of the Samyang Food Group owns a 100-percent stake in SY Campus, the holding company of the Samyang Food Group. But the son was only 13 years old when SY Campus was founded in the name of “Beagles” in February 2007. There is a growing allegation that SY Campus is a bogus company because the company's registered address is a Korean style health spa.

Meanwhile, "The holding company is not a bogus company, and the prices are relatively high, but the company can immediately respond to orders," Samyang Food explained.

 

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