▲ This undated image, provided by SPC Group, shows CEO Hwang Jae-bok. (PHOTO NOT FOR SALE) (Yonhap)

prosecution-SPC Group

SPC chief quizzed by prosecution for alleged unfair practices

By Kim Han-joo

SEOUL, Oct. 27 (Yonhap) -- Prosecutors questioned the chief of the nation's largest bakery chain SPC Group on Thursday over alleged unfair practices of awarding business contracts to affiliates.

The Seoul Central District Prosecutors Office summoned CEO Hwang Jae-bok for allegedly violating a law that bans unfair business practices among the group's affiliates.

Prosecutors suspect several affiliates of SPC helped the group's only listed affiliate, SPC Samlip, earn 41.4 billion won (US$29.3 million) between 2011 and 2018 by unfairly awarding contracts to it.

SPC allegedly supported SPC Samlip to make it easier for the chairman's children to take the wheel at the group, according to prosecutors.

In 2020, the country's antitrust regulator fined SPC group 67.4 billion won for the alleged violation. The regulator also referred three top executives of SPC, including Chairman Hur Young-in, to prosecutors for further investigation.

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