Celebrity Chef Paik's Fortune Tumbles on Ingredients Controversy
A South Korean celebrity chef's wealth, fueled by a hot stock listing, took a tumble after a series of allegations shook confidence in his flagship restaurant chain.
Paik Jong-won's 60% stake in The Born Korea is now valued at about 245 billion won ($174 million), less than half of its peak shortly after listing. The company on Wednesday said operating profit for the three months through March rose 6.6% to 6.2 billion won from a year ago, while sales grew 2.6% to 110.7 billion won.
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