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Photo = Netmarble |
[Alpha Biz= Reporter Kim Sangjin] Daou Kiwoom Group's de facto holding company, eMoney, has reported significant losses of approximately 90% from its investment in virtual assets.
According to an audit report submitted to the Financial Supervisory Service on October 2, eMoney invested about 1.5 billion KRW in Fancy (FNCY), a cryptocurrency issued by Netmarble F&C, a subsidiary of Netmarble, from December 2022 to February 2023. As of the end of last year, the company recorded a loss of approximately 1.39 billion KRW, representing a loss rate of 92.8%.
eMoney is controlled by Kim Dong-jun, the only son of former Daou Kiwoom Group Chairman Kim Ik-rae, who serves as the CEO of Kiwoom Investment and Private Equity (PE). The company's ownership structure includes significant stakes in Daou Data (31.5%), Daou Technology (45.2%), and Kiwoom Securities (41.2%).
This structure essentially positions eMoney as the controlling entity of the entire Daou Kiwoom Group. The government has prohibited financial institutions from holding, purchasing, acquiring collateral, or investing in cryptocurrencies since 2017. However, eMoney, being an online information provider, is not subject to this policy.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
