[BizHanKook] It has been confirmed that Lee Dong-hyung (62), the nephew of former President Lee Myung-bak (85) and son of former DAS CEO Lee Sang-eun (93), is residing in an apartment owned by DAS. After resigning from his position as an internal director at DAS in 2020, Lee’s whereabouts had been largely unknown. However, he has recently returned to the spotlight after being appointed as the CEO of Hong-eun Planning, a subsidiary of DAS, this past August. With the confirmation that he is living in a DAS-owned apartment, the relationship between Lee and DAS is once again drawing attention.
Lee Dong-hyung was appointed as the CEO of Hong-eun Planning on August 12. Hong-eun Planning, a company previously involved in real estate, is 100% owned by DAS. Currently, it appears to be inactive. According to the DAS audit report, Hong-eun Planning recorded zero revenue last year (Related article: [Exclusive] Why Did Former President Lee Myung-bak’s Nephew Lee Dong-hyung Become CEO of Hong-eun Planning Instead of DAS?).
The corporate registry for Hong-eun Planning lists Lee Dong-hyung’s residence as an apartment located in Gyeongju, Gyeongsangbuk-do. This apartment was purchased by DAS for 387 million KRW in 2013. In effect, Lee’s address on the corporate registry is a property owned by DAS.
Providing an apartment as company housing or Lee renting the apartment from the company is not inherently illegal. However, if it is being provided as company housing, it is necessary to determine the nature of Lee’s current relationship with DAS. Lee previously served as vice president at DAS, but according to the corporate registry, he resigned as an internal director in 2020. No official titles held by him since then have been confirmed.
In political and business circles, some view Lee as the heir to DAS. With his father, former CEO Lee Sang-eun, being the largest shareholder and no apparent threat to the company’s management, this perspective persists. Although a court ruled that former President Lee Myung-bak is the actual owner of DAS, the former president has not shown any overt interest in the management of the company to date.
Some had anticipated that Lee Dong-hyung would not take a frontline role in managing DAS. The reasoning was that, given the intense scrutiny from political circles and the ongoing controversy over the company's real ownership, the public spotlight might be a burden. The analysis was that he might choose to maintain influence while separating ownership from management.
However, with Lee Dong-hyung taking the helm of the subsidiary Hong-eun Planning and the confirmation that he uses a DAS-owned apartment as his registered address, the link between Lee and DAS is being highlighted once more. Some connect the fact that Lee has his address in Gyeongju—rather than the metropolitan area—to the possibility of his involvement in DAS management, as the DAS headquarters is located in Gyeongju. Nevertheless, it is difficult to determine whether Lee is currently employed by or intends to participate in the management of DAS based solely on his address and the property's ownership. Bizhankook reached out to DAS to inquire about Lee’s current employment status and the circumstances behind him using the DAS-owned apartment as his address, but did not receive a response.