Selling Central City
Got this from WIFL.
This is a member’s explanation of the sale of Central City that was put up in the Korea CARP Café.
Link: http://cafe.daum.net/W-CARPKorea/cSkJ/18354
(Membership required)
Regarding the sale of Central City shares: Asking for our members’ understanding regarding a special situation
We ask for our members’ understanding regarding a special situation.
According to a Yeon Hap News article from October 16, 2012, Shin Se Gye Shopping Mall acquired 60.02% of Central City’s shares from 4 separate companies in Malaysia. The price at which the shares were sold was approximately 1.025 trillion won (close to $925.7 million dollars). After quickly checking with representatives of Central City, we confirmed that the news is true.
For several years Central City was at a deficit due to bad management, however, recently that situation was turned around and operations were completely normalized to the point where it was making a profit and the value of the asset increased by several times. This process did not happen on its own, but it was due to True Parents dedication and Heaven’s support, along with the hard work of the management team of Central City. Especially, from the beginning of the project Mr. Dal Soon Shin who worked as president of Central City and his staff showed great administrative and managerial skill, and although he did not interfere with the details of management, Hyun Jin Nim has also been providentially guiding the work from behind the scenes.
From the members’ perspective Central City is not a providential institution like Pyung Hwa Motors or the Peace Cup which carry on specific providential work, but it is purely part of a business foundation. Currently the business is bringing in a profit and it has the potential to grow in the future as well. Naturally, people will wonder why it was decided to sell the company. From a business perspective, people will wonder whether it was the best moment to sell the shares. We asked those questions to representatives of Central City.
The representative said that the sale did not just happen suddenly, he explained that it was a decision based on a careful strategic study. Based on the assumption that this was his personal opinion, the representative said that the current decision was made as a measure to manage risk by reducing the burdensome debt the company acquired from the beginning; and considering the potential of a worldwide economic recession and its impact on the Korean market, it was a wise choice to sell the asset at the best price possible to maximize profits. He also added that selling the asset was a desperate measure of last resort to confront the endless lawsuits from the Tongil Foundation and the Unification Church, and in order to absolutely complete the Yoido Parc1 Project which is the fruit of the jeong-seong of our True Parents.
Although it isn’t appropriate to enter into the details at this moment in time, if the Tongil Foundation had not initiated all types of lawsuits against Y22 which was undertaking the Yoido Parc1 Project, it would have been possible to avoid selling the shares of Central City.
The figures of the legal fees incurred from the ever-increasing lawsuits are an astronomical amount of money that both sides have wasted. Also, the damage from having to stop and prolong the construction for 2 years at the Yoido Parc1 construction site (due to the Tongil Foundation’s lawsuits) has brought financial loss in the millions. But it does not end at that. After losing and appealing the case, chairman Kook Jin Moon of the Tongil Foundation and their board members have taken their Parc1 lawsuit to the Supreme Court and they are of the position of continuing the lawsuits for many years to come. Furthermore, in spite of having been sentenced by court to pay 45 billion won plus overdue interest as the first phase of damages, the [Tongil Foundation is trying to buy time and] refusing to pay up even as they incur a 20% yearly interest rate on the amount promised.
Although the assets that should be invested for God’s providence are being thrown away at a fast rate, and the Parc1 construction site looks like a scar on the city of Seoul, there is no end in sight to the meaningless and futile lawsuits which are creating a sick atmosphere in the entire Unification Movement. Perhaps we will experience the end of the Unification Movement even before the decisions are made on the lawsuits and it will be too late to regret what happened.
In this situation, when having to make a choice between [selling] the Yoido Parc1 project or Central City, perhaps most people would choose to keep the safe and profitable Central City which on its own is a quite big asset instead of choosing the wounded and uncertain Yoido Parc1 project. However, this decision was the complete opposite. This was perhaps a measure taken in order to not allow the foundation of dedication that True Father invested into Parc1 to be lost and to never allow his dream of finalizing the project to go to waste. The measure can be seen as a strong will to bring True Father’s dream to fruition. And it also contains the unbending resolve to fight to the very end these unjust lawsuits that are destroying the providence.
God’s will and the providence are eternal. The dream that True Father had for Yoido was not unrelated to God’s providence. Therefore, it will be accomplished regardless of what sacrifices have to be made. We sincerely pray that the sale of Central City’s shares was done with this kind of big purpose behind it. We also pray that all the lawsuits come to an end as soon as possible, and that we can bring an end to this period of fighting and distrusting one another, so that we may once again join forces and focus on realizing the legacy that True Father left behind for us.
