[비즈한국] It has been confirmed that Lee Gyo-ung, known as a third-generation member of the owner family of KPIC (Korea Petrochemical Ind. Co.)006650, has resigned from his position as an executive director of A-One Corporation, a company that has been a constant source of controversy due to internal trading with KPIC affiliate Hanju. A-One Corporation is a KPIC affiliate 100% owned by Lee Gyo-ung, which has grown by receiving contracts from Hanju. Lee Gyo-ung had been serving as an executive director not only at A-One Corporation but also at KPIC Corporation, the holding company of KPIC, in which Chairman Lee Soon-kyu holds an 89.19% stake; he recently stepped down only from his position at A-One Corporation.
Lee Gyo-ung, known as the third-generation heir to KPIC, has stepped down from the board of directors by resigning from his executive director position at A-One Corporation with nine months left in his term. Lee Gyo-ung, identified as either the son or nephew of second-generation owner Chairman Lee Soon-kyu, holds a 100% stake in A-One Corporation, an affiliate that grew by receiving business from Hanju, a subsidiary of KPIC. The business community leans toward the possibility that Lee Gyo-ung is Chairman Lee Soon-kyu's son rather than his nephew.
Until now, Lee Gyo-ung had not held a seat on the KPIC board of directors. However, he was the only member of the third-generation family to be appointed as an executive director at both the holding company, KPIC Corporation, and the affiliate, A-One Corporation, simultaneously in 2019. KPIC Corporation grew through internal transactions with KPIC, and A-One Corporation grew through similar deals with Hanju, recording revenues of 155 billion won and 73 billion won respectively last year. It has been pointed out that the two companies not only share the same office address but also have similar board compositions, suggesting that the holding company and the owner's private company operate as a single entity.
Lee Gyo-ung's term as an executive director at A-One Corporation was for three years, from April 2022 to April 2025; why did he suddenly resign on July 31? BizHankook contacted A-One Corporation to inquire about the matter, but a representative briefly responded, "We have no official statement regarding that matter."