[비즈한국] MDM Group, one of the nation's largest real estate developers, includes five private companies held by the children of Chairman Moon Ju-hyun as its affiliates. Among them, two companies remain in a state of virtual dormancy, existing only in name, which has sparked curiosity.
MDM Group, which ranked 63rd in the business world this year, began as a sales agency founded in 1998 by Chairman Moon Ju-hyun (66). As its real estate development projects succeeded, MDM Group surpassed 5 trillion won in assets just 23 years after its founding, entering the ranks of large conglomerates. In 2021, it was designated as a business group subject to mandatory disclosure. Private companies owned by the family of Chairman Moon, the founder and person in control, were included as affiliates, creating disclosure obligations for the private companies of his two children. Chairman Moon has two daughters, Moon Hyun-jung and Moon Cho-yeon.
The five companies controlled by Chairman Moon Ju-hyun's two daughters are MDM Plus, MDM Asset Management, MDM F&C, MDM Global, and Soul Collection. The real estate developer MDM Plus recorded over 430 billion won in revenue in 2023, with the two sisters each holding 47.62% and Chairman Moon holding the remaining 4.76%. For the trust firm MDM Asset Management, Moon Hyun-jung holds a 30% stake, while MDM Plus holds 70%. The wedding hall operator MDM F&C is a small company with 17 billion won in revenue, 100% owned by Moon Hyun-jung.
Soul Collection is 100% owned by Moon Hyun-jung, and MDM Global is 100% owned by Moon Cho-yeon. According to the business reports filed after being designated as a subject for disclosure in 2021, both companies have generated zero revenue over the past three years. Effectively, they are in a state of suspended operations, with only the legal entities remaining in existence.
Soul Collection is an e-commerce brokerage firm established by Moon Hyun-jung in 2016 with a capital of 50 million won. Rather than bringing in a professional manager, Moon holds the position of CEO herself. From 2021 to 2023, it recorded '0 won' in revenue and '1 million won' in operating losses. Even its capital has fallen to negative 45 million won, resulting in a state of complete capital impairment.
MDM Global is a real estate development firm established by Moon Cho-yeon in 2014, two years before her older sister, with a capital of 1 million won. Although capital increased from 1 million won to 11 million won through a capital increase in 2022, it recorded only '0 won' in revenue and '3 million won' in operating losses from 2021 to 2023. Despite the capital increase, the company has not engaged in any profit-generating business.
Why are Chairman Moon Ju-hyun's two daughters leaving their private companies unattended? Regarding this, an MDM Group official stated, "It is not the case that Soul Collection never had any revenue from the start. I understand that they were operating an e-commerce business but suspended it about eight years ago to focus on development projects. MDM Global was established for the purpose of managing registered trademarks in preparation for future overseas business."