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Chun Doo-hwan’s Son, Chun Jae-kook, Changes Publishing Company Name and Business Purpose… Expanding into Motorcycle Business?

[비즈한국] It has been confirmed that 'Music World', a company effectively owned by Chun Jae-kook (66), the eldest son of the late Chun Doo-hwan, changed its corporate name to 'Bookers' early this year. On the same day, Bookers added motorcycle-related businesses to its list of business purposes. This has sparked speculation that Chun may be embarking on a new motorcycle-related venture.

According to the corporate registry, Music World changed its name to Bookers this February. Bookers is known to be 100% owned by the family of Chun Jae-kook. His eldest daughter, Chun Soo-hyun (40), serves as an auditor for Bookers, while his eldest son, Chun Woo-seok (37), serves as an executive director. Chun Jae-kook currently operates a book cafe called 'Pyeongchang-dong Bookstore Bookers' in Pyeongchang-dong, Jongno-gu, Seoul, which shares the same name as his company's new title.

When it operated as Music World, the company mainly engaged in publishing music-related books and hosting music events. However, along with the name change this February, it added business purposes including: motorcycle repair, motorcycle light maintenance, motorcycle tire replacement, wholesale and retail of motorcycle tires, motorcycle distribution and sales, and wholesale and retail of motorcycles and parts.

Chun Jae-kook, who founded the publishing company 'Sigongsa', once held significant influence in the publishing industry. However, his presence has been shrinking. In 2018, he sold Sigongsa to Biosmart038460, and this April, Book Plus, a publishing wholesaler he established, went bankrupt.

With the reading population in decline, the outlook for the publishing industry is not positive. This leads to speculation that Chun Jae-kook is turning to a new motorcycle business instead of publishing. Last July, Chun sold a building he owned in Paju, Gyeonggi-do, for 4 billion won. It is possible that the proceeds from this sale will be invested in the new business.

Regarding the change of the company name and business purposes, a Bookers official stated, "We don't know much about that either." When asked if it was possible to speak with someone who is aware of the situation, the official replied, "I don't know who would have that information."

If Chun Jae-kook expands his business and generates profits, he will inevitably face criticism regarding the payment of his father's unpaid fines. It is known that the late Chun Doo-hwan has over 80 billion won in unpaid fines. In September 2013, Chun Jae-kook held a press conference and promised, "Representing my entire family, I bow my head in apology for causing concern to the public regarding the collection of fines," adding, "My entire family will cooperate to the fullest extent with the authorities' collection procedures until the fines are paid in full." However, it has not been confirmed whether the Chun family has voluntarily paid these fines since then.