[Issue] The Ocean Aqua Garden Contract Increased by 9B Won ① (2026-05-27)

[최종근]

[Information Provided] The Ocean Resort in Yeosu Awards Aqua Garden Construction Contract to “EXA E&C”: Contract Value Increased by 9 Billion Won from 23 Billion to 32 Billion Won ① (2026-05-27)

According to the information provided, on October 30, 2024, The Ocean Resort in Yeosu signed a construction contract worth 23 billion won with “EXA E&C,” a company listed on KOSDAQ, for the development of The Ocean Aqua Garden in Yeosu. However, it is reported that after the contract was signed, the construction cost was significantly increased and paid out.

An investigation into “EXA E&C” confirmed that its core business is manufacturing, and that its construction division is a specialized construction company focused on interior construction, including cleanroom construction, interior finishing, interior design, and partition installation.

It appears there is a specific reason behind the decision to award the construction contract for The Ocean Aqua Garden in Yeosu to “EXA E&C,” a company closer to a specialized construction firm rather than a general contractor.

◆ Conclusion of the Construction Contract

In 2024, EXA E&C’s total revenue, including its core manufacturing business, was 203 billion won. Of this, the construction division accounted for 114.9 billion won, while revenue from projects related to “The Ocean Resort” was 24.8 billion won, representing 21% of the construction division’s total.

Until the third quarter of 2024, “The Ocean Resort” was not listed among the construction division’s major clients, but it was listed as a major client in the 2024 business report.

The 2024 business report states that construction revenue from “The Ocean Resort” was 24.8 billion won.

On October 30, 2024, EXA E&C announced that it had secured a contract worth 23 billion won (12.78% of total revenue) for the construction of The Ocean Aqua Garden at The Ocean Resort in Yeosu.

https://www.hankyung.com/article/202410309691L （2024-10-30）

엑사이엔씨 수주공시 - 여수 디오션 아쿠아가든 조성공사 230억원 (매출액대비 12.78 %)

On June 11, 2024, major news outlets in Yeosu reported that a 15 billion won “Aqua Garden” would be constructed in Yeosu, explaining in detail that the revitalization of the Sohu-Hwayang district is expected to contribute to the balanced development of tourism. Additionally, the Mayor of Yeosu stated, “We will spare no administrative support to ensure the smooth progress of this project.”

https://www.yeosu.go.kr/www/govt/news/hotnews?mode=view&idx=544821

The Ocean Resort announced plans to demolish the existing drive-in theater and construct a three-story facility spanning 1,500 pyeong, similar to the Aqua Garden at “Magnolia Meotjip” in Kapyeong. On October 30, 2024, the company signed a 23 billion won construction contract with “EXA E&C.”

The details of the supply contract as publicly announced state that the construction period begins on December 19, 2023, and ends on December 24, 2024. However, the construction contract itself was signed on October 30, 2024.

This suggests that the contract amount was finalized at a time when construction was nearly complete, which differs from standard contracting practices.

In other words, it is immediately apparent that the contract was not in order from the very beginning.

◆ Fictitious Increase in Construction Cost

Less than two months after publicly announcing the signing of the construction contract, on December 26, 2024, The Ocean Resort and “EXA E&C” increased the construction cost for the first time to 28 billion won, and four months later, on April 22, 2025, they increased it a second time to 32 billion won.

In less than six months after the contract was signed, the construction cost was increased by a staggering 9 billion won, from 23 billion won to 32 billion won.

We intend to provide additional explanations regarding this point based on the public disclosure documents.

Since “EXA E&C” is a KOSDAQ-listed company, it is required to disclose the fact that it has secured construction contracts above a certain scale; therefore, the specific circumstances surrounding the increase in the construction cost can be verified through media reports and public disclosure documents.

It is believed that the Unification Foundation has obtained documents through audits regarding the circumstances leading to such a rapid increase in the construction cost.

The Ocean Resort not only awarded the contract for the construction of the Yeosu Aqua Garden but also, in June 2023, awarded a contract for the remodeling of “Magnolia Meotjip” in Kapyeong into an aqua garden.

At the time, the name of the company that won the contract for this remodeling project and the contract amount were not disclosed.

For this reason, the [Unification Church Anti-Corruption Monitoring Committee] recommended that Kim Moon-shik, Chairman of the Unification Foundation, take legal action against those involved in the illegal loans amounting to over 200 billion won.

2026-05-27

Choi Jong-keun

[Unification Church Anti-Corruption Monitoring Committee]

（This material was generated using AI and may contain inaccuracies）

■ Need of “Legal Action” against “Jeong Won-ju” and her associates who forced 200 billion won illegal lending (2026-05-26)

https://cafe.daum.net/antiuccorruption/as2X/774

■ Borrowing of The Ocean Resort 240 billion won? – Yoo Kwang-hyeon, former chairman of Hanju Group, says, “I will not become the second Yoon Young-ho.” (2026-05-22)

https://cafe.daum.net/antiuccorruption/ZXsd/1525

■ 500 billion won investment just for The Ocean Resort – Jeong Won-ju’s purpose of creating “Hanju Group” was to “borrow from financial institutions” ① (2026-05-19)

https://cafe.daum.net/antiuccorruption/as2X/770

■ The Ocean Resort at the verge of bankruptcy ③ – “Unification Church power elites obsessed with appearance” and “Japanese believers exhausted by donations” (2026-05-19)

https://cafe.daum.net/antiuccorruption/ZXsd/1521

■ The Ocean Resort at the verge of bankruptcy ② – Auditor comments “Uncertainty Regarding Going Concern” …needs at least 40 billion won in 2026 (2026-05-17)

https://cafe.daum.net/antiuccorruption/ZXsd/1520

■ The Ocean Resort in Yeosu at the verge of bankruptcy – “Financial borrowings increased by 73 billion won, from 43 billion won in 2023 to 116 billion won in 2025” 92026-05-16)　

https://cafe.daum.net/antiuccorruption/ZXsd/1518

■ Must Investigate Embezzlement Exposed by Former Chair Kim SB (2026-05-14)

https://cafe.daum.net/antiuccorruption/cRwZ/18

■ Unification Church organizational change for Jeong Won-ju ⑥ – Director Kim Eun-sang (key person of 60 billion won gambling) / Special Prosecution summons President Han Hak-ja on September 8 (2025-09-05)

https://cafe.daum.net/antiuccorruption/as2X/558