Paik Jong-won, CEO of Theborn Korea / Captured from his YouTube channel

Celebrity restaurateur Paik Jong-won, CEO of Theborn Korea, has issued a public apology over a series of controversies surrounding the company's products and practices.

Paik posted a letter of apology Thursday on Theborn Korea's official website, saying, "I sincerely apologize for causing concern to many people due to various issues related to Theborn Korea. I feel a deep sense of responsibility."

"We should have repaid the support we received with better products, but we failed to meet expectations in many ways," he wrote. "I deeply regret the unacceptable mistakes made during the production and distribution processes."

The celebrity chef said, "It was my oversight for not closely examining all the issues raised so far. I humbly accept all the criticism directed at me."

He added, "I promise to make swift improvements on all matters, including those related to legal requirements. As a listed company, we will also drive company-wide innovation and growth to meet the expectations of our shareholders."

The apology comes amid allegations that Theborn Korea violated the Farmland Act by operating a food factory in an agricultural promotion zone, which requires the use of domestically produced agricultural products.

The law stipulates that food manufacturing facilities in such zones must use ingredients sourced from within Korea. Violators can face up to five years in prison or a fine of up to 50 million won ($34,000).

The company acknowledged the issue Tuesday, saying, "We apologize for using imported ingredients without fully understanding the legal regulations."

Additional concerns have recently emerged over Theborn Korea's product content. Netizens have pointed out the low pork content in the company's Paik Ham product and the minimal tangerine content in its tangerine beer. A YouTube video intended to promote support for local farmers also sparked backlash after it was revealed that one of the featured products was made with Brazilian chicken.

Theborn Korea's stock decline appears to have eased on a rebound following days of record-low prices and ongoing controversy surrounding the company.

Theborn Korea stock closed at 29,150 won on Thursday, up 500 won, or 1.75 percent, from a day earlier. This marks the second consecutive day of gains, driven by bargain-hunting after a prolonged slump.

Despite the slight rebound, Theborn Korea has repeatedly set new 52-week lows. Although the stock price has started to recover, it still remains down 14 percent from its initial offering price of 34,000 won, and has plunged about 43 percent compared to its first-day closing price of 51,400 won.

This article from the Hankook Ilbo, the sister publication of The Korea Times, is translated by a generative AI system and edited by The Korea Times.