The starting point of ‘management deterioration’ may be the will of one person, but the funds that come and go after that are not.
On the 3rd, Chairman Kim Yong-bin of Daewoo Shipbuilding & Marine Engineering & Construction resigned from the chairmanship of the Korea Curling Federation and the directorship of the Korea Sports Association, saying, “I will focus only on corporate management due to the company’s’internal and external management deterioration’.”
The term of the president of the Korea Curling Federation is a total of four years, and Chairman Kim, who was elected in January 2021, resigned after not being able to fill even half of it properly.
Daewoo Shipbuilding & Marine Engineering is currently suffering from severe capital erosion. In addition to delayed payment of employee wages, ‘overdue money’ such as delays in subcontracting is a hindrance.
In the first half of last year, the net loss reached 659.05 million won, and the operating profit for the same period was only 189.49 million won. Day One Asset Management, a wholly owned subsidiary, has assets of 3.52412 billion won and surplus of 848.25 million won, making it virtually impossible to touch professional sports at all.
In addition, in April of last year, it was known that he was being investigated by the prosecution for violating the Capital Markets Act, raising voices of concern about the recurrence of the vacancy of the chairmanship.
Despite this situation, Chairman Kim established Day One Sports with Day One Asset Management as its parent company last year, acquired Goyang Orions, and re-founded it as Goyang Carrot Jumpers with Carrot Insurance as a naming sponsor. This is the first time in Korean professional basketball history. In addition, former national team coach Heo Jae was put forward as the owner and general representative director, drawing attention.
However, it was revealed that the former owner of the club, Goyang Orion, had not paid the acquisition price of about 2 billion won, and following this, it sparked controversy over non-payment of special dues for the Korean Professional Basketball Association (KBL).
Goyang Carrot Jumpers belatedly paid 500 million won out of 1.5 billion won only after receiving an ultimatum from the KBL board of directors that they might not be allowed to participate in the regular league. In this situation, it is unclear whether the remaining membership fee of 1 billion won can be paid by the end of March when the league ends.
In addition, the establishment of the K League 2 soccer team also failed due to lack of funds, and even the cancellation of the Korea Women’s Professional Golf (KLPGA) event, which was the first ever. It was an incident that abruptly canceled last year’s ‘Elcrew Pro Celebrity 2022 Competition’ 9 days before the opening.
At the same time, there was even a rally condemning the management of the Daewoo Shipbuilding & Marine Construction branch (hereinafter referred to as the union) of the national construction company trade union.
Daewoo Shipbuilding & Marine Engineering’s poor fund management is the primary reason. On the back side, there is a basketball team sponsor, Carrot Insurance (parent company Hanwha Insurance).
Carrot Insurance can be seen as a test bed in the financial succession sector for Hanwha Life Vice President Kim Dong-won (37), the second son of Hanwha Group Chairman Kim Seung-yeon.
After launching in 2019, it recorded a net loss of 38.1 billion won in one year, and recorded a deficit of 65 billion won in 2021. Capital soundness has also deteriorated significantly due to successive losses. As of the first half of 2022, the insurance solvency ratio was 149.1%, which deteriorated by 103.2%p compared to the fourth quarter of 2021, falling short of the level recommended by the financial authorities. In the first half of last year, it recorded a loss of 33.2 billion won in net loss.
According to the Associated Press, an online media outlet, it seems that Vice President Kim’s business normalization of Carrot Insurance is the decisive key to the succession of the financial sector.
The media evaluated it as a ‘handshake’ for Carrot Insurance’s signing of a naming sponsor contract with Day One Asset Management, which was in a deteriorating business slump.
In particular, he conveyed a chilly market atmosphere, saying that the voice of criticism was high for forcing ‘reckless betting’ using customers’ money.
It is Day One Asset Management, which has been embroiled in continuous controversy due to serious financial difficulties. Likewise, the financial situation of Carrot Insurance was not so bright. However, in the process of deciding on a sponsorship contract, people are wondering why this situation was not taken into account.
Amid the gloomy outlook, Chairman Kim Yong-bin resigned as president of the Korea Curling Federation, and eyes are also on the future of the Goyang Carrot Jumpers, a basketball team. 메이저놀이터
After causing a controversy about non-payment of subscription fees, KBL is keeping a cool eye on the situation. On the other hand, an official from the Carrot basketball team said, “It is true that Daewoo Marine & Shipbuilding & Construction is difficult, but there is no problem with the basketball team’s operating expenses.”
In addition to President Kim’s unreasonable expansion of the sports world with social contributions at the forefront, there are concerns that the managerial judgment of Vice President Kim Dong-won, who has been shooting support as a naming sponsor for an unstable club, will cause another confusion in the basketball world.