[At the Crossroads] Daeho AL ① Group That Defaulted on Company Funds Emerges as Major Shareholder

Total 9 Billion Won in Loans Written Off... Suspicious Financial Flows with New Major Shareholder Group
Management Rights Transferred Without Disclosure of Shareholdings
Current Management: "No Connection to the Company"

A new major shareholder group has suddenly emerged at Daeho AL, which is on the verge of delisting. This group had not disclosed any shareholding until it surfaced in March by signing a "share transfer agreement with management rights." Based on the founders and shareholder relationships of these corporations and associations, it is presumed that they are closely connected with Daeho AL's current management.

Furthermore, it has been identified that this group borrowed several billion won from Daeho AL last year and has not repaid it. Daeho AL wrote off all loans to this group as impaired assets and, as a result, received a disclaimer of opinion from its auditor. There are suspicions that this money was used to acquire shares in Daeho AL.

According to the Financial Supervisory Service’s electronic disclosure system on June 2, Daeho AL announced on March 13 that it had signed a "share and management rights transfer agreement resulting in a change of largest shareholder."

A total of five entities—The Uni No.1 Association, US Dream Investment Association No.1, BK Investment Association, Studio OB Bears, and SWL—signed a contract to transfer 12 million shares (13.8%) of Daeho AL for 12 billion won. The transferee was Daeho New Technology Investment Association. This contract has now fallen through.

The issue is that, despite The Uni No.1 Association and others being in a position to transfer "management rights," they never once filed a large shareholding report or any related disclosure. In reality, their stake exceeds that of Biz Alpha and Seokjin Kim (8.97%), who are currently listed as Daeho AL’s largest shareholders.

The source of funds for these entities’ acquisition of Daeho AL shares is also unclear. One of the groups, SWL, had total equity of 900 million won as of the end of last year. Its liabilities amounted to 20.6 billion won, of which 4.9 billion won was borrowed from Daeho AL. They also borrowed money from Studio OB Bears and The Uni No.1 Association, which also entered into the management rights transfer agreement.

Studio OB Bears is a corporate entity with capital of 850 million won. As of the end of last month, this company was overdue by 100 million won to a financial institution. Neither SWL nor Studio OB Bears had sufficient equity capital to purchase Daeho AL shares on their own.

In addition, it was revealed that these entities borrowed money from Daeho AL last year and have not repaid it. According to the business report, Daeho AL lent a total of 9 billion won last year to SWL (4.9 billion won), Studio OB Bears (3.7 billion won), and US Dream Investment Association No.1 (300 million won). The entire amount was immediately recognized as bad debt expense, meaning the loans were classified as unrecoverable.

Some allege that the funds provided by Daeho AL were funneled through an account under a borrowed name, allegedly belonging to Jin Hoon Lee, the real owner, and then used to acquire a stake in Daeho AL. Lee was indicted and detained in 2024 for stock price manipulation involving Young Poong Paper. He was later released on bail, but in April, he was again sentenced to one year and six months in prison and taken into custody for aiding the escape of a suspect in the Samho Construction case.

In response, a Daeho AL official stated, "We were completely unaware of The Uni No.1 Association and others’ shareholdings and management rights transfer transactions until they made their disclosures," adding, "These are corporations and associations unrelated to the current management."

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