Exclusive
Covana, Family Company of First Lady Kim Keon-hee, Adds Real Estate Leasing to Business Objectives

[비즈한국] It has been reported that Covana Contents (corporate name: Covana Co., Ltd.), the company previously operated by First Lady Kim Keon-hee, the wife of President Yoon Suk-yeol, had suspended or ceased operations following President Yoon's election. News also broke early this year that the Covana Contents office, located in the basement of Acro Vista in Seocho-gu, Seoul, had closed its doors. However, it has been confirmed that on February 13, Covana Contents added "real estate leasing and subleasing" to its business objectives. Until now, Covana Contents has been a company engaged in exhibition planning.

'Real Estate Leasing' Added to Business Objectives

Covana Contents was originally an exhibition planning company run by First Lady Kim Keon-hee. However, following President Yoon Suk-yeol's election, it was understood that the company would cease commercial activities as the First Lady resigned from her position as CEO. Notably, on May 31, 2022, the same day Kim resigned, her older brother, Mr. Kim, was registered as an executive director. To this day, the First Lady's brother remains the sole registered director (Related article: [Exclusive] The day First Lady Kim Keon-hee resigned as Covana CEO, her older brother was registered as an executive director).

In February of this year, the Covana Contents office at Acro Vista was reportedly closed, and an investment firm moved into the premises. However, upon checking the corporate registration of Covana Contents, Bizhankook confirmed that on February 13, the company added "real estate leasing and subleasing" and "all incidental businesses related to each item" to its business objectives. Previously, the business objectives of Covana Contents were limited to cultural planning-related activities such as cultural and artistic content development, and performance/production agency services. This is the first time that a real estate-related business has been added to its objectives.

This raises the possibility that Covana Contents may engage in real estate leasing in the future. The Presidential Office has not provided a statement regarding this matter.

Although the office is known to have closed, its address on the corporate register remains the Acro Vista commercial space. The space itself is still owned by Covana. If Covana Contents no longer operates an office at the address listed on its corporate registration and fails to update it, this would be a violation of the Commercial Registration Act.

When visited on October 28, the Covana Contents office had been replaced with the logo of investment firm A. However, the office signage remained, and through a partition, wallpaper from before the Covana Contents demolition was visible. The office lights were on, but the doors were locked, and no one was seen inside.