Page 13 - Golf Champion Magazine - Korean English

from left: Im Chang-jeong, Na Deok-yeon, Yoo Shin-il (왼쪽부터 임창정, 나덕연, 유신일)

behind the stock crash of Société Générale (SG) Securities, not the regular 36. It has a championship course of 6,545
have been suspected of purchasing overseas golf courses yards and another 18-hole course known as the challenging
just before the crash. However, it is not a traditional course, composed of 4,232-yard par-3 and par-4 holes.
purchase and sale concept in which the ownership of the Considering that it has been about five years since Yoo Shin-
golf courses actually changes hands, but rather a form of il purchased the golf course and taking into account the fact
acquiring shares. This method allows the seller to secure that golf course prices have increased significantly after the
cash to use, and the buyer has a high possibility of either pandemic, it is unbelievable that Yoo Shin-il sold the golf
hiding money or using it as funds for overseas escape, course to Na Deok-yeon for $25 million. This is especially
suggesting that these golf course acquisitions were made surprising because Yoo Shin-il owns 19 golf courses in
for the purpose of money laundering and concealment. the United States and has been involved in exceptional
Na Deok-yeon's stock manipulation case involves many golf course transactions in recent years. The reasons
individuals who are directly or indirectly involved, including behind why he would be in such a hurry to sell a property
singer Im Chang-jung, Ahn Jeong-jin, a professional golfer worth over $30 million and what kind of transaction took
and former president of the Korea Golf Association, and place between him and Na Deok-yeon raise numerous
Yoo Shin-il, who was known as the golf king and had unanswered questions. Since Yoo Shin-il purchased the
acquired golf courses in Japan and the United States within golf course in 2018, the price of golf courses in the United
a few years. As a result, there is growing interest in how far- States has seen a price difference of nearly double due to
reaching the consequences of this issue will be the impact of the pandemic. It is estimated that Palm Valley
Country Club could be sold for a price between $35 million
Golfer Ahn Jung-jin, a close associate of CEO La, posted and $40 million.
on the S Golf Company blog last month, on the 14th, According to the corporate registration document of Palm
stating, "We have confirmed the acquisition of four directly Valley Country Club, CEO La became the Chief Executive
operated golf courses in the United States and Japan." These Officer of the golf course on April 19th. This was five
golf courses include Palm Valley Country Club in the United days before the SG Securities stock price crash incident.
States and three golf courses in Nagasaki, Japan. La claims to have acquired the corporation by paying $25
While S Golf Company had previously uploaded 16 courses million (approximately 33 billion Korean won) to Yoo Shin-
in the United States and 6 courses in Japan as affiliated golf il, the Chairman of HKI Group, but the transaction was for
courses on their blog, after the suspicion arose regarding acquiring the company's shares, not directly purchasing
CEO Na's overseas real estate acquisition just before the real estate. Chairman Yoo Shin-il held a 90% stake in Palm
SG Securities stock price crash incident, the post was Valley Country Club through the U.S. corporation HKI
converted to private. This raised suspicions of overseas America. In fact, the registration document of Palm Valley
asset concealment by market manipulation forces. Country Club on September 12, 2022, lists Chairman Yoo as
The main focus of concern in this incident is Palm Valley the "Manager."
Country Club, a 36-hole private golf course located in Palm Nevertheless, the fact that he transferred ownership to Na
Springs, California. In December 2018, Yoo Shin-il had Deok-yeon for $25 million suggests that there may have
purchased this golf course for $2.44 million. been other subsequent transactions involved. According
It should be noted that the golf course consists of 18 holes, to an executive at HKI America, Chairman Yoo sold the

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