Last month, as it was listed on the securities market, Theborn Korea CEO Baek Jong-won ascended to the ranks of being a stock rich individual with stocks worth over 400 billion won and is gaining attention in the small business and alley market.
President Yoon Suk-yeol noted on the 2nd, the day before the declaration of martial law, that he would nurture 1,000 private market planners who would take on responsibilities similar to those of Baek Jong-won.
According to a comprehensive report from CHOSUNBIZ on the 20th, Baek Jong-won and Theborn Korea have conducted dozens of local development projects over the years, consulting on municipal festivals and food zones within those festivals.
Recently, they consulted on the Namwon Chunhyang Festival, Yesan Beer Festival, Jangseong Hwangnyonggang Autumn Flower Festival, Geumsan World Ginseng Festival, and Hongseong Global Barbecue Festival.
The expense Baek Jong-won's side receives for each consultation ranges from 300 million to 600 million won, with some reports indicating that they have received as much as 1 billion won. It is estimated that they have earned around 10 billion won since last year.
The problem is that the funds supporting the local festival events supplied by each municipality come from taxpayer money, which is why there are mixed voices of dissatisfaction in the alley market.
Instead of nurturing 1,000 planners like Baek Jong-won, there is a phenomenon where consulting on food zones within local festivals is all funneling to Baek Jong-won.
Experts point out that it is problematic for Baek Jong-won and Theborn Korea to sweep up taxpayer money used to revitalize local markets.
In fact, it is difficult for a single market planner to monopolize government contracts in the central government, as it could raise suspicions of 'favoritism' if the central government assigns work solely to one planner or company.
However, since municipalities act on their own to revitalize markets, they are unaware of which planners or corporations are receiving contracts from one another. This is the background for the phenomenon of seeking out 'Baek Jong-won' for festivals nationwide.
Moreover, the consulting fees for each municipality are varied and lack a standard. Some festivals have paid 300 million won, while others have paid 600 million won.
Professor Mo Jong-rin, known as an alley economy expert at Yonsei University, said, 'There is no doubt that Baek Jong-won is a capable private market planner,' while also noting that 'the excessive concentration of regional festival consulting on Baek Jong-won needs to be examined.'
Professor Mo also emphasized the need to consider ways for local festivals not to end as one-time events, but to positively impact the revitalization of local markets continuously.
In response to these criticisms, Baek Jong-won and Theborn Korea stated, 'We have nothing to reply,' and did not provide any further comments.