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'Helmet Man' Choi Woo-hyang, Former Vice Chairman of Ssangbangwool, Dismissed as Executive Director of Hwacheon Daeyu

[비즈한국] It has been confirmed belatedly that Choi Woo-hyang, former vice chairman of Ssangbangwool102280 Group, has been dismissed from his position as an executive director of Hwacheon Daeyu Asset Management (Hwacheon Daeyu). Former Vice Chairman Choi is currently facing charges of participating in the concealment of Kim Man-bae's assets. Kim Man-bae is known to be the largest shareholder of Hwacheon Daeyu. Therefore, analysts suggest that Kim's influence played a role in Choi's dismissal.

According to the corporate registry, Hwacheon Daeyu dismissed former Vice Chairman Choi Woo-hyang from his position as executive director last December. Former Vice Chairman Choi previously drew public attention when he appeared wearing a helmet to help Kim Man-bae home after his arrest warrant was dismissed in October 2021. Choi is currently on trial for charges related to concealing Kim Man-bae's assets.

Choi Woo-hyang took office as an executive director of Hwacheon Daeyu in April 2022. Hwacheon Daeyu and its affiliates, Cheonhwa Dongin Nos. 1-7, were selected as private participants in the Daejang-dong development project. These companies faced allegations of receiving preferential treatment for collecting dividends that were deemed excessively high relative to their stakes. The prosecution began investigating Hwacheon Daeyu in 2021. Choi took the director position amid the chaos surrounding the start of the prosecution's probe.

Around the time Choi took office, a former co-CEO of Hwacheon Daeyu, surnamed Shim, resigned. This suggests that Choi may have joined the board to replace Shim. The specific reasons for Choi's appointment as an executive director remain unknown.

The following year, in 2023, Kim Man-bae also became an executive director of Hwacheon Daeyu. This sparked speculation that the move was intended to clarify ownership of the company. Kim has not issued an official statement regarding his appointment to the board.

However, it has now been confirmed that Choi Woo-hyang was dismissed from his post in December 2025. Kim Man-bae remains listed as an executive director of Hwacheon Daeyu. As Kim is known to be the largest shareholder, analysts suggest that his influence led to Choi's dismissal.

Hwacheon Daeyu has not conducted any notable business activities since the Daejang-dong development project. In 2024, the company generated no revenue. Hwacheon Daeyu's subsidiaries, Jisangyeom and Hwigyeom, also have no significant business developments. This is why it is difficult to consider an executive director position at Hwacheon Daeyu as particularly influential. Nevertheless, questions remain as to why Choi took the position and why he was subsequently dismissed.

Some speculate that Choi stepped down to prove he has no connection to Hwacheon Daeyu. Kim Man-bae, Choi, and others are currently on trial for charges including asset concealment. However, it is questionable whether stepping down from the board at this stage will have any impact on the ongoing trials. Furthermore, considering that Choi was dismissed rather than resigning, it is difficult to conclude that the decision was voluntary.

Bizhankook attempted to contact Hwacheon Daeyu for comment, but was unable to reach them.