Namyang Dairy's chairman Hong Won-sik decided to resign after taking responsibility for the'Bulgaris Incident'.

He also said he would not hand over management rights to his children.

Chairman Hong held a press conference at the Namyang Dairy headquarters in Seoul on the morning of the 4th and said, "I will withdraw from Namyang Dairy's chairmanship in order to take responsibility for everything and will not hand over management control."

Chairman Hong added, "I am sincerely sorry for the late decision."

Namyang Dairy Co., Ltd. claimed that Bulgaris products have confirmed the effect of reducing Corona 19 by 77.8% at the'Corona Era Antiviral Food Development' symposium held by the Korea Institute of Medical Sciences on the 13th of last month.

With this announcement, Namyang Dairy's stock price soared, and the Korea Centers for Disease Control and Prevention (KCDC) refuted that it was not a proper study, causing the stock price to plunge again.

As criticism poured out for exaggerating the Bulgaris effect, there was a boycott of Namyang Dairy products among consumers, and the Ministry of Food and Drug Safety accused Namyang Dairy of violating the Food Labeling and Advertising Act.

On the 30th of last month, the police seized and searched the headquarters office of Namyang Dairy and the Sejong Institute.

As the excommunication grew, Namyang Dairy CEO Lee Kwang-beom announced yesterday that he would take responsibility for the incident and withdraw.

(Photo = Yonhap News)