BK Group, the parent company of Korean cryptocurrency platform Bithumb, will be sold to an Automotive Part Supplier

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BK Group, the parent company of Korean cryptocurrency platform Bithumb, will be sold to an Automotive Part Supplier
Kim, Byeonggeon, CEO of BK Group

Dual Industrial, Secured Management Right of BK in 2.4 Trillion KRW

BK Group, the parent company of Korean cryptocurrency platform Bithumb, will be sold to an Automotive Part Supplier
Kim, Byeonggeon, CEO of BK Group

SG BK Group, who made acquisition deal to take over the cryptocurrency exchange platform, Bithumb in October last year, is sold to Dual Industrial, a medium-sized automobile interior material producing company.

Dual Industrial disclosed on 9th that it is acquiring 2.357 trillion KRW scale of SG BK Group’s newly issued stocks on the upcoming 15th of September. After the acquisition, Dual Industry will be the largest shareholder of SG BK Group, of 57.4%, pushing CEO Kim aside. Dual Industrial now practically holds the management right of Bithumb.

The taken-over SG BK Group has been governed by CEO Kim, Byeonggeon, the founder of BK Plastic Surgery Institute and its corporate body is in Singapore. CEO Kim has made a 4 trillion KRW scale of provisional contract to take over Bithumb in October last year. However, the takeover has been suspected to be going rough due to the continuous delay in the balance payment.

Earlier this year, CEO Kim only attained management right for Bithumb Global which oversees the global business of Bithumb. This led the market to suspect that Kim may not be able to finish his acquisition deal. However, the acquisition deal will likely to be completed as Dual Industrial, now the largest shareholder of BK Group made an additional investment of 2 trillion KRW for the acquisition deal. It is assumed that CEO Kim has already paid more than 1 trillion on the Bithumb Global within last year.

Regarding the issue, personnel from SG BK Group said, “Currently, we have nothing to answer about the issue.”

Lee Suho(2019.07.09.) 빗썸 주인 BK 그룹, 車부품 제조업체에 팔린다.
News1. Retrieved from http://news1.kr/articles/?3666344

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