Yongpyong Resort shares plunge to below 30% of initial POP (2026-09-22)

[최종근]

Yongpyong Resort shares plunge to below 30% of initial public offering price—Minority shareholders take legal action (2026-09-22)

Following a sharp drop in Yongpyong Resort’s stock price to 2,000 won—less than 30% of its initial public offering price (7,000 won)—minority shareholders have launched a class-action lawsuit to legally exercise their shareholder rights.

▶ Financial News (2026-09-21)

https://n.news.naver.com/article/014/0005579128?sid=101

'주주행동' 먼저 터진 모나용평…사측 "환원안 이미 준비중" [fn마켓워치]

According to the article, the minority shareholder coalition argues that “despite Yongpyong Resort having 100 billion won (approximately 13 billion yen) in retained earnings on its books, there are no clear shareholder return policies, and explanations regarding the profitability of development projects, borrowings, and financial expenses have been insufficient.”

The stock price has recently fallen below 2,000 won, and the price-book value ratio (PBR) remains at around 0.26. This prolonged period of undervaluation is considered one of the factors that led to the minority shareholders banding together.

An investment banking (IB) industry source noted, “Even if the company were preparing shareholder return measures, unless this is communicated to the market and shareholders, it is unlikely to be reflected in the stock price,” adding, “Ultimately, the extent and timing of the shareholder return measures announced by MONA YongPyong Co., Ltd. will likely be the next turning point in this shareholder action.”

◆ It’s not that there are no measures; there are reasons why they “cannot be put forward”

The main reason for the continued decline in Yongpyong Resort’s stock price is not external factors, but rather that the major shareholder, the Tongil Foundation, and Yongpyong Resort’s management have been diverting company funds in an inappropriate manner under the guise of investment.

CEO Park In-joon joined Yongpyong Resort in 2007 as an assistant managing director and, as of March 29, 2020, served as an internal director and CFO (Chief Financial Officer). Although he was involved in Yongpyong Resort’s initial public offering (IPO) in 2016, he was transferred to Shinjeong Development Special Vehicles in March 2020 as part of a personnel reshuffle by the Unification Church.

In March 2025, former CEO Shin Dal-soon was dismissed for misappropriating company funds and causing management problems. Following Shin Dal-soon’s dismissal, Park In-joon returned to Yongpyong Resort as Vice President on March 31, 2025, and was appointed President and CEO on August 25 of the same year.

▶ Café post

〈Background of President Shin Dal-soon’s dismissal〉 3. — Borrowings increased by 65.7 billion won in 2024 alone (2025-01-19)

https://cafe.daum.net/antiuccorruption/ZXsd/742?svc=cafeapi

After returning as Vice President on March 31, 2025, Park In-joon is believed to have conducted a comprehensive review of the company’s financial situation, identified the issues, and considered solutions. However, it seems that he concluded it would be difficult to actually implement these solutions and therefore abandoned the effort.

▶ Café post

The relationship between Kim Moon-shik and Shin Dal-soon, et al… (26-09-08)

https://cafe.daum.net/antiuccorruption/cRwZ/68

The relationship between Kim Moon-shik and Shin Dal-soon, et al… (26-09-08)

To resolve the issues surrounding Yongpyong Resort’s stock price and financial condition, legal action must be taken against former CEO Shin Dal-soon, Im Hak-woon, and others. However, since the Unification Foundation is also believed to be deeply involved in this matter, taking legal action is not an easy task.

◆ A publicly traded company is not the Unification Church’s “personal safe”

Yongpyong Resort is a publicly traded company. Issues involving breach of trust and embezzlement are not matters that can be swept under the rug simply because the Unification Church leadership attempts to cover them up.

Publicly traded companies have many stakeholders. If company funds were diverted through improper means to benefit the Unification Foundation while causing losses to the company, this cannot be dismissed as an internal matter of a Unification Church-affiliated company; those responsible will be held accountable under the law.

CEO Park In-joon should understand better than anyone else the management of a publicly traded company and the responsibilities that come with it. Nevertheless, the fact that he is following the same path as his predecessors is evident in the business reports and audit reports.

We have issued warnings regarding this issue numerous times in the past. Going forward, we plan to disclose this matter to the media at the appropriate time and take legal action.

◆ CEO Park In-joon should present a clear solution after the Chuseok Holiday

According to the article, “As of this date, 32 shareholders have already participated, securing a 4.56% stake. This already exceeds the ‘3% stake’ required under the Commercial Code to exercise minority shareholder rights, such as requesting the convening of a general meeting of shareholders, submitting shareholder proposals, and requesting access to and copies of accounting records.”

CEO Park In-joon should consider how to address this situation and resolve it during the Chuseok holiday, and then present a clear solution after the holiday.

▶ “Alpha Economy” (2026-09-22)

https://www.alphabiz.co.kr/news/articleView.html?idxno=189358

[현장]1000억 쌓아두고 주가는 '반토막'…뿔난 소액주주, 모나용평 법적 응징 나선다 - 알파경제

▶ “The Fact” (2026-09-22)

https://m.tf.co.kr/read/economy/2368586.htm?retRef=Y&source=

1000억 쌓고 PBR 0.26배…모나용평 소액주주 행동 나섰다

2026-09-22

Choi Jong-keun

[Unification Church Anti-Corruption Monitoring Committee]

*Furthermore, we ask that the Unification Church leadership recognize that this is not an issue that can be resolved simply by filing a “copyright infringement claim” against this committee’s posts, and we request that they refrain from filing such claims against this committee’s posts in the future.

(*As this document was generated by AI, it may contain typos or mistranslations.)