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[Alpha Biz=(Chicago) Reporter Paul Lee] Hoban Group affiliates have helped raise funds by buying tens of billions of won worth of corporate bills over the years to Eco Capital owned by Kim Joon-young, the eldest son of Harim Group Chairman Kim Hong-kook. Analysts say that the relationship between Harim and Hoban has been revealed once again following the Hanjin Kal stake deal.
According to the Financial Supervisory Service on the 30th, the eco-capital CP held by Hoban Construction, Hoban, Hoban Property and Hoban affiliate TS Asset Development totaled 55 billion won as of the end of last year, accounting for 38.4% of the total issued CP. In terms of total borrowing, 26.7%, more than a quarter.
Capital cannot receive deposits, so it borrows funds from outside to operate, and Eco Capital relied on Hoban for a large portion of its funds. CP transactions between Eco Capital and Hoban have continued this year.
Hoban preferred Eco Capital at the interest rate of Harim affiliates. The interest rate of Hoban Construction's eco-capital CP 50 billion won, which expired on May 31 this year, is 5.3%, the same as Harim Food's 3 billion won interest rate, which expires on June 1.
Especially, he bought Eco Capital CP at a lower interest rate than the bank. Woori Bank's CP interest rate at maturity in early April was 6.22%, but Eco Capital's CP interest rate at the end of March purchased by TS Asset Development was only 4%.
Hoban has continued to increase its purchase size, starting with Hoban Verdium and Hbitjeong buying KRW 10 billion worth of eco-capital CPs in 2018.
Eco Capital is Kim Joon Young's private company. Olpum, whose 100% stake is owned by Kim, holds 100% of Eco Capital shares.
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
