[Exclusive] Dayou Winia Group Chairman Park Young-woo sells Dayou Tower for 67 billion won... Will unpaid wages be resolved?

[비즈한국] It has been confirmed through BizHankook’s reporting that Park Young-woo, Chairman of Dayou Winia Group, who was arrested and indicted on charges of unpaid employee wages, recently sold the Dayou Tower building in Gangnam-gu, Seoul, which he held with his family, for 67 billion won. The proceeds from this building sale far exceed the 51.2 billion won in unpaid wages that led to the chairman's indictment.

It has been confirmed that Dayou Winia Group Chairman Park Young-woo (pictured), who was arrested and indicted on charges of unpaid employee wages, recently sold the Dayou Tower building in Gangnam-gu, Seoul, which he held with his family, for 67 billion won.

According to the real estate industry, Dayou Winia Group Chairman Park Young-woo (68% stake) sold the Dayou Tower building in Yeoksam-dong, Gangnam-gu, Seoul, which he held jointly with his wife Han Yu-jin (24%) and daughter Park Eun-hee (8%), for 67 billion won on the 15th. The buyer is Shinsung Industrial, a manufacturer of plastic containers. It is reported that Dayou Winia Group affiliates, including Dongkang Holdings and Winia Aid377460, which were previously tenants in Dayou Tower, have completed their move-out around the time of the sale contract. According to the real estate registry, it appears there were no collateral mortgages (geunjeodang) maintained on the Dayou Tower building or land at the time of this sales contract.

Dayou Tower is an office building established by Chairman Park Young-woo and Dayou Winia Group affiliates. Chairman Park (19% stake at the time), group golf course operator Dongkang Leisure (58%), automotive seat manufacturer Dayou A-Tech002880 (20%), and holding company Dongkang Holdings (3%) purchased the Dayou Tower site and the building on it for 18.3 billion won in April 2012, and rebuilt it into Dayou Tower (3 basement levels to 13 floors above ground, total floor area of 6,229㎡) in September 2014. The following July, Chairman Park's family purchased the stakes in Dayou Tower held by the affiliates for 23 billion won.

A view of Dayou Tower in Gangnam-gu, Seoul, sold by the family of Dayou Winia Group Chairman Park Young-woo. Photo = Reporter Cha Hyeong-jo

Currently, Dayou Winia Group affiliates are undergoing court receivership due to a worsening management situation and subsequent large-scale unpaid wages. In the second half of last year, the Seoul Rehabilitation Court decided to initiate rehabilitation procedures for Dayou Winia Group affiliates Winia Electronics, Winia Electronics Manufacturing, Winia, Dayou Plus000300, and Winia Aid. To improve its financial status, Dayou Winia Group has sold the Dayou Mont Vert Country Club (Mont Vert CC), Dayou AP, and Dayou EP, which were held by the group.

Chairman Park Young-woo, the party involved in this transaction, is currently on trial after being arrested and indicted on charges of unpaid employee wages. In March of this year, the Seongnam Branch of the Suwon District Prosecutors' Office arrested and indicted Chairman Park on charges of failing to pay 39.8 billion won in wages and severance pay to 738 workers at Winia Electronics and Winia Dimchae. Two months later in May, the Public Investigation Department of the Gwangju District Prosecutors' Office additionally indicted Chairman Park and three former and current CEOs on charges of failing to pay 11.4 billion won in wages and severance pay to 251 workers at Winia Electronics Manufacturing.

A Winia representative stated only, "We have absolutely no knowledge regarding the building sale (by Chairman Park Young-woo). The company is currently under court receivership, and the largest shareholder is unable to exercise control."