The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Apr. 2.
Seoul to seal off Constitutional Court area for Yoon’s ruling
Seoul is imposing a strict security lockdown near the Constitutional Court for President Yoon Suk-yeol’s impeachment ruling on April 4. A 100-meter perimeter will be sealed off, with subway stations, including Anguk Station, closed, and nearby cultural sites, such as Gyeongbokgung and Changdeokgung palaces, restricting access. The city will deploy 20,000 riot police, while businesses and schools in the area are adjusting operations, with remote work plans in place for companies like HD Hyundai.
Homeplus accused of fraudulent bond sales before credit downgrade
Homeplus is under investigation by the Financial Supervisory Service (FSS) for allegedly selling 82 billion won ($56 million) in bonds on Feb. 25, despite knowing its credit rating would soon be downgraded. The retailer, which filed for bankruptcy protection on March 4, is accused of misleading investors about its financial health. The FSS has launched a full audit into potential accounting fraud and misrepresentation, while securities firms and investors are pursuing legal action against Homeplus and its owner, MBK Partners.
Aekyung Group to sell 63% stake in Aekyung Industrial to cut debt
South Korea’s Aekyung Group has started the process of selling its consumer goods and cosmetics subsidiary, Aekyung Industrial, appointing Samjong KPMG as the lead advisor. The 63% stake, owned by AK Holdings and Aekyung Asset Management, is valued at around 600 billion won. Aekyung Industrial, known for brands like Kerasys and Luna, reported 2024 revenue of 679.1 billion won and an operating profit of 46.8 billion won. The group also plans to sell Jungbu Country Club as part of efforts to reduce debt, which exceeded 2 trillion won in 2024. If the sale is completed, Aekyung will focus on Jeju Air and Aekyung Chemical as its core businesses.
One minute, that’s all it takes to know about Korea. Click here ☞ https://page.stibee.com/subscriptions/305897
