25.9B won construction contract with EXA E&C with no license (2026-06-11)
작성자최종근작성시간26.06.22조회수16 목록 댓글 0Chairman Yoo Kwang-hyeon—placed an “overpriced construction contract worth 25.9 billion won” with EXA E&C, a publicly listed company without a license (2026-06-11)
Yoo Kwang-hyeon, Chairman of Hanju Group, signed a construction contract of “The Ocean Aqua Garden (Yeosu)” project on July 20, 2023, with EXA E&C Co., Ltd.—a company specializing in interior and partition construction.
On October 30, 2024—two months before the expiration of the construction contract period (December 19, 2023, to December 31, 2024)—an amendment was signed to increase the construction cost to 23 billion won. EXA E&C’s public announcement of this had a significant impact on its stock price.
The initial construction contract amount is estimated to have been approximately 15 billion won. This is because the construction costs for “Magnolia Meotjip” in Gapyeong, along with the remodeling costs for the facility’s exterior and interior (including the Aqua Garden and SeenB Zoo) carried out in 2023, totaled 6 billion won
[Reference post]
1. “Unification Church’s public assets sold at a bargain price… Were construction costs inflated?” (2018-05-27)
https://cafe.daum.net/antiuccorruption/ZXsh/48
2. “Magnolia Meotjip” remodeling costs 6 billion won (2026-06-01)
https://cafe.daum.net/antiuccorruption/cRwZ/26
◆ Contract for “Conversion of Gapyeong Begonia Bird Park into a resort complex” signed for 25.9 billion won
On December 16, 2024, Yoo Kwang-hyeon, Chairman of Hanju Group, signed a 25.9 billion won contract with EXA E&C—a company that does not even hold a civil engineering license—for the “Conversion of Gapyeong Begonia Bird Park into a Resort Complex” project.
1. Begonia Bird Park operating as usual
Begonia Bird Park had been operating normally since 2024 after Sunwon Construction completed the project at a cost of 16.3 billion won.
The facility is operated by “Agricultural Corporation Hyojeong,” and on March 31, 2024, Chairman Yoo Kwang-hyeon assumed the position of representative director.
Additionally, Kwon Hyeon-joong, the nephew of Jeong Won-ju, serves as the division head in charge of the management and operation of Begonia Bird Park.
■ Begonia Bird Park – Official Website
2. 2024 Revenue: 3.1 billion won; Operating Loss: 3.3 billion won (excluding 2.0 billion won in depreciation expenses)
Begonia Bird Park reported revenue of 3.1 billion won, an operating loss of 3.3 billion won, and interest expenses of 3.6 billion won in 2024, with cumulative investment through 2024 reaching 65.8 billion won (approximately 6.9 billion yen).
Furthermore, loans from the Unification Foundation, Cheongshim Church, and The Ocean Resort alone amount to 81.5 billion won (approximately 8.6 billion yen).
Although Begonia Bird Park was built entirely with donations from church members, its structure makes it difficult to sustain operations through regular business activities alone.
In 2025, the park recorded sales of 4.7 billion won and an operating loss of 900 million won (excluding depreciation expenses of 2.3 billion won), and incurred a loss on disposal of fixed assets of 1.8 billion won. This is because the park must continuously purchase fixed assets such as plants and animals.
Even though 3.6 billion won in interest expense was recorded only on the books—and no actual payments were made—it is estimated that at least 2 to 3 billion won in donations must be injected annually to maintain Begonia Bird Park.
3. Entering into a construction contract with a listed company that lacked a license
EXA E&C was originally a company whose core business was interior and partition construction, and it did not hold a general construction license.
Nevertheless, on December 17, 2024, Chairman Yoo Kwang-hyeon entered into a 25.9 billion won contract with EXA E&C for the “Conversion of Gapyeong Begonia Bird Park into a resort complex.” This has given rise to suspicions that a second round of stock price manipulation may have been involved behind the deal.
http://www.exaenc.com/page/company/summary.php
According to EXA E&C’s website, the company obtained an electrical contracting license in August 2023 and a civil engineering contracting license in February 2026.
In other words, on December 17, 2024, he awarded the construction contract of the “Conversion of Begonia Bird Park into a resort complex” worth 25.9 billion won to a firm that had neither a civil engineering license nor a track record in such work.
This is similar to a previous case that caused a major controversy when the construction of the Yongsan Presidential Office was awarded to a company called “21g,” which did not possess a construction license.
We plan to continue providing explanations regarding the issues surrounding The Ocean Resort’s awarding of construction contracts, and we ask the readers for additional information regarding The Ocean Resort.
2026-06-11
Choi Jong-keun
[Unification Church Anti-Corruption Monitoring Committee]
*As this document was generated by AI, it may contain typos or mistranslations.