Nam-wook’s role in the process of attracting 35 billion won in initial capital from Hwacheon Daewoo
Choi Ki-won revealed as a party to a monetary contract that provided an opportunity for collateral
When Hwacheon Daiyu’s existing funding plan is broken… Fundraising activities
PF industry “Namwook is the initial designer of Hwacheon Daeyu Daejang-dong project”
A view of the development project site in Daejang-dong, Bundang-gu, Seongnam-si, Gyeonggi-do, where there is a suspicion of preferential treatment. Reporter Seo Jae-hoon
The person who designed Hwacheon Daewoo’s initial investment cost of 35 billion won from SK Happiness Sharing Foundation Chairman Choi Ki-won was identified as the owner of Cheonhwa-dongin No. It is said that lawyer Nam played the role of a ‘designer’ who created a financial transaction structure between investment advisory firm Kin & Partners and Chairman Choi, centering on Cheonhwa-dongin No.
According to the Hankook Ilbo report on the 26th, Hwacheon Daeyou raised 35 billion won through the ‘Chairman Choi → Kin & Partners → Hwacheon Daeyu’ structure to organize project financing (PF) in the early stages of the Daejang-dong project. Before creating such a structure, an ‘unidentified individual’ first established a relationship with Kin & Partners. Kin & Partners lent 6 billion won at an interest rate of 6.9% to a person marked as ‘individual 2’ in the 2015 audit report.
In this process, Cheonhwa Dongin No. 4 gave a joint guarantee of ‘Individual 2’, and Kin & Partners set a pledge to the ‘Right to claim money’ for the specific money trust account of Cheonhwa Dongin No. Cheonhwa-dongin No. 4 participated as a shareholder of Seongnam Garden, a special purpose corporation (PFV) for the development of Daejang-dong. If ‘Individual 2’ fails to repay 6 billion won to Kin & Partners, Cheonhwa Dongin No. 4 will pay it back, and set up collateral so that Kin & Partners can take the Daejang-dong development profits generated from the specific money trust account of Cheonhwa Dongin No. 4 did it
It is noteworthy that the collateral was passed on to Chairman Choi. Chairman Choi lent 40 billion won to Kin & Partners at an interest rate of 10%, and Kin & Partners invested 35.1 billion won in Hwacheon Daewoo. Starting with the monetary transaction and collateral setting between ‘Personal 2-Kin & Partners-Cheonhwadongin No. 4’, the structure of drawing 40 billion won from Chairman Choi is complete. A senior official in the PF industry said, “Without ‘Individual 2’ in this structure, Chairman Choi’s money would not have flowed into Hwacheon Daeyu.”
Graphic = Reporter Park Goo-won
As a result of the Hankook Ilbo coverage, it was confirmed that the name of lawyer Nam Wook as the counterpart to the monetary transaction with Kin & Partners was listed in the contract. The person who was marked as ‘Person 2’ in the Kin & Partners audit report and could not be identified was lawyer Nam. This means that lawyer Nam created a relationship between Kin & Partners and Chairman Choi by using Cheonhwa-dong No. 4, which he owns.
Attorney Nam said that he was active in 2015 by explaining the profitability of the Daejang-dong development project in order to attract funds through Kin & Partners. An official from the financial sector who was familiar with the situation at the time said, “I know that Hwacheon Daewoo’s financial plan was broken and they had to get money urgently.” At this time, lawyer Nam played a significant role.
In the financial world, lawyer Nam is designated as the initial designer of the Daejang-dong project. An executive in charge of real estate investment at a large financial company said, “In the PF business, how to raise initial capital to survive until all PF is formed is very important.” appears to be,” he said.
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