Page 14 - Golf Champion Magazine - Korean English

[GOLF NEWS]

Texas-based Four Seasons Golf & Sports Club, which was a fine of 10 billion won and a suspended sentence through
acquired at the end of last year, due to a lack of funds for negotiations with the Korean National Tax Service for
the acquisition. They claim that a real estate development tax evasion and illegal foreign exchange transactions.
project in Korea was funded by his eldest son. In particular, The Korean prosecutors, who believed that there were
Yoo Shin-il acquired the Four Seasons Golf & Sports Club in embezzlement and violations of the Foreign Exchange
Las Colinas, Texas, in December 2022. Control Act and tax evasion worth tens of billions of won,
This deal, which surpasses the PGA West transaction, conducted searches and seizures at Yoo Shin-il's residence
surprised many people in the golf industry. It is said that and company at that time.
Jim Hinckley, the CEO of Century Golf Partners who Yoo Shin-il, the chairman, is famous for his residence in
successfully negotiated the PGA West transaction, played a Cheongdam Mark Hills 2nd Complex, which is known for
significant role in finalizing this deal. being a symbol of luxury and high-priced apartments.
Jim Hinckley, who previously served as the CEO of It is the same place where actors Jang Dong-gun and Ko
American Golf, a golf course management company, has a So-young live. The Korean National Tax Service found it
significant influence in golf course management within the suspicious that a chairman of a small and medium-sized
United States. The seven golf courses owned by Yoo Shin-il enterprise with an annual revenue of only 30 billion won
are managed by American Golf. owned real estate worth over 100 billion won. As a result,
Therefore, it is less credible to believe that Yoo Shin-il, who they initiated a tax investigation and analyzed the seized
was known for his wealth, sold a property purchased four materials to determine the source of the acquisition funds.
years ago for $20 million for $25 million. According to the audit report disclosed by Hankook
There is a possibility that this transaction was thought to Industrial in April 2011, the company reported sales of
involve illegal funds, and there may have been a questionable around 39 billion won and operating profit of around 3.4
deal between Chairman Lee Jong-myeong, who introduced billion won in 2010.
Na Deok-yeon, and Chairman Yoo Shin-il. Lee Jong-myeong, Chairman Yoo had gained attention in the local golf industry
the former chairman of Ahnanti, is involved in golf course by acquiring bankrupt golf courses in Japan following the
and hotel businesses. He became the chairman through the bursting of the Japanese real estate bubble in 2004. It was
first-ever election of the Korea Golf Association in January also reported that he owned large shopping centers and
2021 but has since stepped down. condominiums in Los Angeles and other locations in the
When he became the chairman of the Korea Golf Association, United States.
he even announced a promise to host a golf tournament in Originally from Gwangju, Jeollanam-do, Chairman Yoo
North Korea, but we need to examine whether such claims Shin-il, a former Hyundai Merchant Marine employee,
were made without any basis. founded Hankook Industrial in 1988. The company
During the reporter's visit to Palm Valley Country Club and imported and sold "Yamaha" golf carts from Japan. Since
the HKI America headquarters, it was felt that Yoo Shin-il's then, the company has experienced rapid growth and
acquisition of nearly 20 golf courses in just 4-5 years raises started making its mark in the golf industry by acquiring
doubts about what could be behind such investments, as it is and operating five golf courses (with a total of 99 holes) near
not something that a medium-sized company can typically Tokyo and Kyushu, Japan.
accomplish.
Suspicions about these abnormal transactions are also 근 한국은 국회의원 김남국의 코인투자 사건과 SG 증권의 라덕연
fueled by Yoo Shin-il's past activities. In 2011, he received 최대표의 주가 조작 사건 등으로 다수의 투자자들이 전 재산을 잃고

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