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SoluM Headquarters (Photo: SoluM) |
[Alpha Biz= Paul Lee] KOSPI-listed company SoluM has come under scrutiny for failing to disclose a real estate transaction with its CEO’s family-owned business, raising concerns of accounting irregularities and potential tax evasion.
According to the Financial Supervisory Service (FSS) on August 6, SoluM’s board of directors approved the purchase of a training facility from a company named Naseom for 5.2 billion KRW during its 8th board meeting on January 30, 2023. SoluM CEO Jeon Sung-ho abstained from voting, while all remaining board members—including executive directors Ban Hwi-kwon, Yoo Dong-kwon, and outside directors Hong Joon-ki and Lee Kyu-yeon—voted in favor.
Naseom, the seller, is considered a related party to SoluM’s largest shareholder, Jeon Sung-ho. The company was jointly led by his wife Ha Eun-sook and his brother Jeon Sung-do. Jeon’s two sons, Jeon Dong-wook and Jeon Se-wook, who also serve as executive directors at SoluM, were listed as internal directors at Naseom.
Despite this being a related-party transaction, SoluM failed to disclose it publicly. The company is believed to have omitted the report on the grounds that the asset value was below 5% of its total assets, thereby not requiring a “Material Facts Report.” However, the transaction was also left out of the company’s annual report under the required “Transactions with Major Shareholders” section.
Under disclosure regulations, listed firms are obligated to report any transactions involving major shareholders. Violations may result in fines, and financial authorities have the authority to impose penalties such as restrictions on securities issuance, prosecution, or referral to law enforcement.
The controversy deepened when Naseom began its dissolution process just months after the deal, eventually being officially closed on July 9, 2025. The property SoluM acquired was Naseom’s main office building. The timing of the sale and the rapid dissolution of the seller have led to speculation that the transaction may have been premeditated, potentially for tax avoidance purposes.
SoluM is also under fire for classifying the property as an investment asset rather than a training facility, raising additional accounting concerns.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
