Our'Panda to the End' team reported on the suspicious transaction of the third generation of chaebol yesterday (2nd).
I was suspicious that Hankook Tire's third-year-old President Cho Hyun-beom sold a company called Prixa, which is a real subsidiary, to a company called Albique, which is actually a paper-based company, for any other purpose.
So our reporters kept tracking the flow of money surrounding a company called Albique, and another businessman appeared.
Rak-bum Lee, who became the chairman of a KOSDAQ listed company at the age of 30, is the former Chairman of the Hallyu Times, and the suspicious deal continues here.
Reporter Do-gyun Kim and Ji-yoon Kwon will deliver.
<Reporter Do-gyun Kim>
The new company that the reporters following the RBK fund flow discovered is the'Hallyu Times', which owned the sports newspaper.
It is the KOSDAQ listed company of Rak-bum Lee, a young businessman who became chairman in his 30s.
In 2018, 3 years after RBK bought Frix from Hankook Tire, the Hallyu Times began to acquire Frix.
And, in the name of a performance deposit, that is, down payment, 3.5 billion won is paid to RBK.
[Kim Jeong-cheol/Attorney: If you think that the performance deposit (of such a transaction) is usually 10%, it is estimated to be around 35 billion won right now?
The transaction amount.]
Compared to when Hankook Tire sold it for 6.5 billion won, it is said that the value of Frix has increased by about 5 times in 3 years. Do it.
[Kim Jeong-cheol/Attorney: I pretend I'm going to do business, so I give the performance deposit first, and I just have to take the performance deposit, saying,'Oh, I couldn't buy it because of some circumstances.'
Then, it looks like it's giving it fine on the contract.]
RBK presented a related confirmation saying that it returned a performance deposit of 3.5 billion won.
However, this confirmation does not indicate when, to whom or how it was returned.
The new management of the Hallyu Times even made a public announcement saying that it did not receive 3.5 billion won back.
RBK allegedly accused former chairman Lee Rak-beom of suspicious of personal embezzlement by former Hallyu Times chairman.
<Reporter Jiyoon Kwon>
There is another situation that shows the close relationship between
and the Korean Wave Times.
Company N, a used car trading company established in 2014 with a capital of 900 million won.
RBK and Hallyu Times acquired Company N in 2016 and 2017.
RBK secures a 50.1% stake in N Company and 49.9% of the Korean Wave Times, each with Frix Inc. for 2.9 billion won.
And the Hallyu Times lends 1.4 billion won to Company N.
However, within two years of investment, the Hallyu Times announced that'the company N has no business performance'. Eventually, the entire amount of KRW 2.9 billion spent on buying shares of company N is treated as a loss, that is, shares of company N are evaluated as a piece of waste.
In addition, 1.4 billion won of loans are also classified as receivables that cannot be returned.
It was evaluated as having lost the investment.
[Kim Kyung-ryul/Accountant: (Investment) It means that the damage is dealt with in a year or so.
'According to impairment losses, accounting for loans' means that the company must be destroyed.
The word'broken' means that the money was lost.]
Suspicion is raised that it was intentionally invested in an insolvent company and tried to steal the money.
[Kim Jeong-cheol/Attorney: I can't just withdraw money while running a listed company.
What you take by taking this out is to take over a non-listed company.
companies have no
fixed value, so you can buy them at a very high price.]
RBK denied the connection with the Hallyu Times, saying, "It was an investment based on management judgment and not a joint investment."
However, there are other traces of the close relationship between the two companies.
President Kim Young-jip, who was in charge of RBK's director, was a director of the Hallyu Times from April to September 2017, and former Hallyu Times chairman Rak-bum Lee lent 2.95 billion won to RBK and received 4% interest annually.
In summary, it is a structure in which the interests of Hankook Tire President Cho Hyun-beom, Kim Young-jip, and former Chairman Rak-beom Lee are intertwined, centering on the paper company'RBK'.
After giving 3.5 billion won to RBK to take over Prix, I went to former chairman Rak-beom Lee to ask why he gave up the acquisition, but I couldn't hear the answer.
Former chairman Lee is known to be overseas.
(Video interview: times Munsan-ball sphericity, video editing: bakjinhun, VJ: Kim Joon-ho, CG: this example, information seongjaeeun screen Source: Youtube)
you just saw as suspicious money transactions between the three people we In the course of our coverage team's pursuit, we discovered one more familiar name.
It is the Lime Fund that has caused great damage to investors.
We confirmed that 15 billion won of Lime Fund's funds were invested in the Hallyu Times you just saw, and the Hallyu Times used that money to take over a company.
This is reporter Kim Kwan-jin.
In November 2017, 9 months before attempting to acquire Frick, the Hallyu Times issues a 30 billion won CB and convertible bond.
When I looked at who could finance a company with poor financial status, I see the familiar name Lime Asset Management.
Lime Fund is funded by KRW 15 billion, half of KRW 30 billion in convertible bonds.
It means that the down payment of Frex was mixed with the investment of Lime Fund, but the Hallyu Times lost 3.5 billion won when it abandoned the acquisition.
Previously, the Hallyu Times took over another unlisted company 10 days after receiving the Lime Fund investment.
Clothing sales company A, established with a capital of 300 million won in 2013, acquired 15 billion won.
However, this investment is not good either.
The Hallyu Times diagnosed investments of over 3.3 billion won as losses from the year following the acquisition of Company A, and last year evaluated half of Company A's stocks as loss treatment, that is, a piece of paper.
A company official, who met the Panda team until the end, claimed that he suffered damage, saying, "Neither a bad company nor a high-priced purchase."
He says that after receiving 15 billion won for the acquisition, he invested 5 billion won again in the former Chairman of the Hallyu Times Lee Rak-beom.
[Clothing vendor A representative: After receiving cash, I bought 5 billion CB (convertible bonds).
I put 5 billion won in the Korean Wave Times.]
claimed that I also loaned 800 million won to former chairman Rak-bum Lee, but did not get it back.
It is a story that after the acquisition of 15 billion won in the Korean Wave Times was transferred to Company A, 5.8 billion won was returned to the Korean Wave.
However, the whereabouts of 5.8 billion won could not be found, and the business he touched when he was former chairman Rak-beom Lee suffered losses.
Only Lime Fund investors who served as seed money for the investments made by the Hallyu Times and the shareholders who bought the Hallyu Times stock were affected.
[Hallyu Times Damaged Shareholders: (Business) There was also an expectation for diversification, so I have been holding this stock until now with hope until the end...
I can only think of what was caught.] We need to find out where the
series of investment failures, where the Lime Fund and the Korean Wave Times funds end, and who benefited from it.
(Video interview: hongjongsu, video editing: bakjinhun, VJ: Kim Joon-ho, CG: this example, information seongjaeeun)
This information can be found covering one end panda team gimdogyun reporters.
Q. In the end, only investors lose money?
[Reporter Do-gyun Kim: Yes.
Experts believe that minority shareholders of companies that directly owned Prix, among the aforementioned victims as well as Hankook Tire-related shareholders, could be the victims.
Even after the sale, the group companies and CEO Hyun-beom Cho were able to gain additional gains, but minority shareholders in subsidiaries were marginalized from such gains.
It is serious in the case of the Korean Wave Times.
Since stock trading was suspended, the damage to shareholders was inevitable.]
Q. Are the affected shareholders taking legal action?
[Reporter Do-gyun Kim: These are the shareholders who suffered from the Korean Wave Times.
Listen to the legal representative.]
[Kim Seon-woong/lawyer (legal representative of the victim shareholder): Due to the problems of various major shareholders, such as negligence or embezzlement of the management's business, (shareholders) are under tremendous damage. I am going to pursue responsibility for the damage...
[Reporter Do-gyun Kim: It seems that the investigation of this case will begin when the victims make a complaint, and we will cover the progress of the investigation until the end.]