English translation of the original Korean report. Images and source documents may contain Korean text.

Lee Hwa-young Served as Advisor and Outside Director, An Bu-soo Appointed as Nanos Director…Kwanglim Returns as Largest Shareholder After Selling All Shares in 2025

A special prosecutor bill to address suspicions regarding the investigation and indictment related to the Ssangbangwool remittance to North Korea case has passed the National Assembly.

Kwanglim, which was Ssangbangwool’s largest shareholder at the time of the incident, sold all its shares in 2025 and then returned as the largest shareholder, raising its stake to 44.35% by the end of June this year.

According to the National Assembly Bill Information System on the 8th, the National Assembly on the 6th passed the ‘Special Prosecutor Bill for Investigating Allegations of Fabricated Indictment’ with 167 votes in favor and 1 against, out of 168 members present. The bill was sent to the government on the same day, and as of the morning of the 8th, the promulgation date was not specified.

At the end of 2019, Kwanglim held an 18.00% stake in Ssangbangwool and a 49.93% stake in Nanos, classifying Nanos as a consolidated subsidiary and Ssangbangwool as an associate company.

Former Gyeonggi Province Vice Governor for Peace, Lee Hwa-young, signed an advisory contract with Ssangbangwool Group from January 2015 to February 2017, and was appointed as an outside director of Ssangbangwool on March 31 of the same year.

After resigning in June 2018, he took office as Gyeonggi Province Vice Governor for Peace. Nanos, at an extraordinary general meeting of shareholders on January 24, 2019, appointed An Bu-soo, then chairman of the Asia-Pacific Peace Exchange Association, as an internal director and added mining development and overseas resource development to its business objectives. At that time, Nanos pursued inter-Korean economic cooperation projects, including the development of minerals such as rare earth elements in North Korea.

Former Vice Governor Lee was brought to trial on charges of receiving bribes and political funds from Ssangbangwool and conspiring in the remittance to North Korea. The court recognized a violation of the Foreign Exchange Transactions Act for $3.94 million out of the $8 million remitted to North Korea, and in June 2025, a sentence of 7 years and 8 months in prison was finalized by the Supreme Court.

Former Ssangbangwool Group Vice Chairman Bang Yong-chul also had a sentence of 2 years in prison with 3 years of probation finalized. Former Chairman Kim Seong-tae was sentenced in July 2024 in the first trial to 2 years and 6 months in prison for violating the Foreign Exchange Transactions Act, among other charges, and a separate sentence of 1 year in prison with 2 years of probation. Chairman An’s sentence was reduced to 1 year and 6 months in prison in the appellate trial in February 2025.

Former Vice Governor Lee’s side on the 3rd filed a request for a retrial regarding the guilty verdict for violating the Foreign Exchange Transactions Act.

■ Kwanglim Returns as Largest Shareholder After Group Dissolution Announcement…Stake Expanded to 44.35%

In January 2025, Kwanglim sold all 632,297 shares (12.04%) of Ssangbangwool stock it held to Segye Prime Development for 7 billion won. Ssangbangwool Group declared its virtual dissolution on February 4 of the same year, announcing a policy of independent management for each affiliate.

Subsequently, Kwanglim acquired a 17.73% stake during Ssangbangwool’s delisting process on November 27, returning as the largest shareholder. On April 24 this year, in accordance with a settlement in a lawsuit for the return of sale proceeds with Segye Prime Development, it increased its stake to 29.77%, and expanded it to 44.35% on May 8.

Kwanglim’s own shareholder structure and Ssangbangwool’s management also changed. Kwanglim’s largest shareholder at the end of 2019 was Callas Holdings (30.07%), but by the end of June this year, individual shareholder Mr. A (16.63%) was listed as the largest shareholder. Areumdri Corporation, which holds a 12.88% stake in Kwanglim, was 100% owned by individual shareholder Mr. B as of the end of 2025.

Ssangbangwool changed to a sole CEO system under Yoon Eui-sik in April this year, following the resignation of former CEO Jung Woon-ho. Even in the amended disclosure submitted by Vivien on the 22nd of last month, Kwanglim was listed as Ssangbangwool’s largest shareholder with a stake of 44.35%.