Choi Nak-hyun, CEO of Samyang Corp. Food Business
[Source: Samyang Corp. website capture]

(Seoul=Yonhap Infomax) Su In Jeong – Choi Nak-hyun, CEO of Samyang Corp., has resigned amid allegations of sugar price-fixing. The Food Group division of Samyang Corp. announced that, for the time being, each Business Unit (BU) head will oversee management operations.


On the 21st, according to a disclosure filed with the Financial Supervisory Service's electronic disclosure system, Samyang Corp. stated that, following Choi Nak-hyun's resignation, the company will shift from a co-CEO structure with Kang Ho-sung and Choi Nak-hyun to a single-CEO system under Kang Ho-sung.


Choi, the former CEO, is currently under investigation for alleged collusion in sugar pricing. Prosecutors are probing claims that CJ CheilJedang Corp., Samyang Corp., and Daehan Sugar Co.—which together control over 90% of South Korea's sugar market—conspired for several years to fix sugar prices.


A Samyang Corp. official stated, "CEO Choi Nak-hyun expressed his intention to resign and has stepped down," adding, "Accordingly, the Food Group will be managed by each BU head for the time being."


sijung@yna.co.kr

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