Exclusive
Former Lawmaker Kim Bang-rim, who served at Kwanglim and Ssangbangwool, appointed as outside director of affiliate VIVIEN

[비즈한국] It has been confirmed that underwear manufacturer VIVIEN002070 has appointed former New Millennium Democratic Party lawmaker Kim Bang-rim (85) as an outside director. VIVIEN was once an affiliate of the Ssangbangwool102280 Group. However, since Nature Republic acquired Ssangbangwool, the former Ssangbangwool Group affiliates have been operating independently. Former lawmaker Kim Bang-rim previously served as an outside director at Kwanglim014200 and Ssangbangwool, both of which were Ssangbangwool affiliates. Although the Ssangbangwool Group has disbanded, the former affiliates still appear to trust former lawmaker Kim Bang-rim.

Nature Republic completed its acquisition of Ssangbangwool this January through its affiliate, World Prime Development. At the same time, the Ssangbangwool Group announced its dissolution, stating that its existing affiliates would pursue independent management. In February, the Ssangbangwool Group stated, "Each company will find its own path forward."

However, VIVIEN, a subsidiary of Ssangbangwool, appointed former lawmaker Kim Bang-rim as an outside director last March. Kim was elected as a proportional representation lawmaker during the 2000 general election. She currently serves as the president of the Korea Women's Political Federation.

Former lawmaker Kim Bang-rim has deep ties to the Ssangbangwool Group. She served as an outside director at Kwanglim, a former Ssangbangwool affiliate, from March 2017 to March 2022. From March 2022 to November 2023, she served as an outside director at Ssangbangwool before resigning for "personal reasons."

The Ssangbangwool Group has recruited numerous political figures as outside directors, not just Kim Bang-rim. Notable figures include former Gyeonggi Province Peace Vice Governor Lee Hwa-young, former New Millennium Democratic Party lawmaker Kim Tae-rang, former Uri Party lawmaker Jang Young-dal, former Grand National Party lawmaker Lee Kyu-taek, and former Vice Minister of Unification Kim Hyung-ki. Former Vice Governor Lee Hwa-young was sentenced to 7 years and 8 months in prison in his second trial for his involvement in the Ssangbangwool Group's illegal North Korea remittance scandal. Lee has appealed the second-instance ruling to the Supreme Court.

The recruitment of political figures by the Ssangbangwool Group has sparked various rumors. Some interpret the moves as an effort by Ssangbangwool to block various controversies. The Ssangbangwool Group faced allegations of stock manipulation during its business expansion. The fact that former Ssangbangwool Group Chairman Kim Sung-tae is known to have a background as an organized crime member also contributes to such controversies.

After being acquired by Nature Republic, Ssangbangwool revamped its board of directors. The four newly appointed outside directors of Ssangbangwool are all figures with no significant ties to politics. Against this backdrop, VIVIEN, a subsidiary of Ssangbangwool, recruited Kim Bang-rim, a former outside director of Ssangbangwool. Although Kim has not entered the National Assembly in over 20 years since leaving office in 2004, her influence is not negligible. This is because she remains active as an elder figure among female politicians. The Constitutional Association of Korea appointed Kim as the chair of its Women's Committee on April 10.

VIVIEN's largest shareholder is currently Ssangbangwool, which holds a 17.31% stake. VIVIEN's governance structure runs from "World Prime Development → Ssangbangwool → VIVIEN." It would be difficult for VIVIEN to appoint Kim Bang-rim if Ssangbangwool opposed it. Nature Republic Chairman Jung Woon-ho was appointed CEO of Ssangbangwool through an extraordinary general meeting in February. VIVIEN's shareholders' meeting that appointed Kim took place on March 31. It can be inferred that Ssangbangwool, led by Chairman Jung Woon-ho, approved the appointment of Kim Bang-rim at VIVIEN.

Just before completing the acquisition of Ssangbangwool, Nature Republic issued 7 billion won in convertible bonds. The bonds were purchased by the Vivi One Association, known to be an investment vehicle under the KH Group. The Ssangbangwool Group and the KH Group were previously known to have a close relationship, such as forming a consortium to acquire KG Mobility003620 (formerly Ssangyong Motor). Consequently, rumors circulated that Nature Republic may have used funds from the KH Group to acquire Ssangbangwool. Coincidentally, the acquisition price for Ssangbangwool by Nature Republic was also 7 billion won. Speculation has emerged that the KH Group may have also influenced VIVIEN's appointment of Kim Bang-rim.

However, in a clarification statement issued in January, Chairman Jung Woon-ho denied any connection with the KH Group, stating, "Ridiculous rumors are emerging in the process of acquiring Ssangbangwool, a first-generation homegrown company with long experience in the underwear market," and "Unconfirmed facts reported by some media outlets are causing unnecessary misunderstandings and negatively impacting the company's brand image."

Bizhankook attempted to contact VIVIEN for comment, but was unable to reach them. In its notice for the general meeting of shareholders, the VIVIEN board of directors explained that it recommended Kim Bang-rim as an outside director because she "plans to contribute to ensuring the VIVIEN board operates in a lawful, ethical, and principled manner by leveraging her long-term public service experience and professional expertise."