This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:15 p.m. on Jun. 18, 2026.
Vogue International, which is undergoing a rehabilitation process, failed to complete a pre-approval merger and acquisition (M&A) and ultimately received a court decision to terminate its rehabilitation. The industry sees this as effectively entering the path to bankruptcy. Because the largest shareholder, Cheonjiin M Partners, is connected to Chairman Oh Chang-seok, the largest shareholder of Mugunghwa Trust, the market views this as another failed investment case following Kukbo.
According to the investment banking (IB) industry on the 18th, the court recently decided to terminate Vogue International's rehabilitation proceedings. During the rehabilitation process, the company pursued an M&A before approval of the rehabilitation plan but ultimately failed to secure a buyer. Typically, when a rehabilitation company fails to attract new investors or complete a sale, it shifts to bankruptcy proceedings, leading to expectations that Vogue International is likely to proceed to liquidation.
Cheonjiin M Partners currently holds a 44.15% equity stake as the largest shareholder of Vogue International. Cheonjiin M Partners is classified as an other specially related party of Mugunghwa Trust. The largest shareholder of Cheonjiin M Partners is Evergracia, a special purpose company (SPC) led by CEO Park Chan-ha, and the remaining equity is held by Cheonjiin Industrial Development, whose equity is owned by Chairman Oh Chang-seok's children. CEO Park concurrently served as CEO of Kukbo and Vogue International, and Cheonjiin M Partners has been seen as the key investment platform for the major shareholder group of Mugunghwa Trust.
In fact, Cheonjiin M Partners has participated in numerous corporations acquisitions and investment transactions in recent years. A representative case is Kukbo. Cheonjiin M Partners drew market attention by taking part in the acquisition of management control of Kukbo in 2022, but after deteriorating finances and management woes, the company was delisted this year. Kukbo had been grouped with theme stocks tied to Ukraine reconstruction.
Vogue International also pushed for management normalization after Cheonjiin M Partners rose to the position of largest shareholder, but ultimately even the rehabilitation M&A failed. With Kukbo delisted and Vogue International effectively facing expulsion from the market, attention is growing on the performance of major investment cases involving Cheonjiin M Partners.
The situation of other corporations linked to the investment network of Mugunghwa Trust's major shareholder side is also tough. Chairman Oh's side has been involved in control transactions of Mugunghwa Information Technology (MIT) and KwangMyung Electric through Naban Holdings and Cheonjiin M Partners, among others. MIT has gone through delisting procedures, and KwangMyung Electric is also facing a delisting crisis due to a disclaimer of opinion from its auditor.
In particular, in the case of KwangMyung Electric, disputes have arisen over inter-affiliate funds transactions and governance after the acquisition of management control. In the market, signs emerged that KwangMyung Electric's funds were being considered for use in the process of normalizing MIT's management, prompting backlash from minority shareholders. As a result, some now view the recent series of weak investment cases not as issues at the level of individual corporations, but as a risk management problem across the entire investment network.
Meanwhile, Mugunghwa Trust has received a management improvement order from financial authorities due to issues such as insolvency at responsibility-completion land trust business sites. The company is currently pursuing governance restructuring and a sale process to normalize management. Hyundai Asset Management, a subsidiary of Mugunghwa Trust, was recently sold to JJ Construction. JJ Construction is a family company of the owner family of JEIL Construction Co., based in the Honam region.