Chief Executive Kang Ho-sung of Samyang Corporation on the 26th apologized over collusion on sugar and flour prices, saying, "I offer my deepest apology for causing concern to shareholders due to a fair trade issue."
At the 15th regular shareholders meeting held that day in the first-floor auditorium of Samyang Group headquarters in Jongno-gu, Seoul, Kang said, "By introducing a fair trade compliance program, inspecting sales practices across all business divisions, and conducting a full review of transaction processes, we will pursue management with integrity and compliance and contribute to establishing a fair market order," and stated accordingly.
Earlier, on the 26th of last month, Samyang Corporation was imposed a penalty surcharge of 130.3 billion won by the Korea Fair Trade Commission. It is also under investigation by the Korea Fair Trade Commission (FTC) for collusion on flour and starch sugar.
Kang said, "Last year, to expand globally the specialty ingredient allulose, we established a U.S. subsidiary and proactively secured local approvals in Australia and China," adding, "We developed and supplied engineering plastics for IT and smart devices such as smart glass." He added, "We will secure new growth drivers to strengthen our global and specialty business portfolio and seek stable growth of the company through robust cash flow management and artificial intelligence (AI) transformation."
Samyang Corporation reported last year's sales at 1.8971 trillion won and operating profit at 65.7 billion won. It decided to pay cash dividends of 1,750 won per common share and 1,800 won per preferred share.
Meanwhile, through the shareholders meeting that day, Lee Un-ik, head of Chemical Group 1 at Samyang Corporation, was appointed as an inside director. Samyang Corporation will be operated under a sole-CEO system with CEO Lee Un-ik.