Chung Yong-jin, chairman of Shinsegae, is maintaining close cooperation with the camp of Donald Trump's eldest son, Trump Jr. It is seen as discussing domestic and overseas business cooperation in various ways based on his personal ties with Trump Jr.
According to the retail industry on the 17th, Chairman Chung recently met with Trump Jr. at a hotel in Malaga, Spain. Omeed Malik, a friend who co-founded the venture investment firm 1789 Capital with Trump Jr., also joined them.
Chairman Chung has maintained a special friendship with Trump Jr. for a long time. They reportedly first met at a media event in 2010 and quickly grew close because they shared many things in common, including religion, interests, and beliefs.
Their relationship has drawn renewed attention since Trump was elected president. In Dec. last year, at Trump Jr.'s invitation, Chairman Chung visited the United States and, among figures from Korea's political and business circles, became the first to meet with President Trump. Later, Trump Jr., at Chairman Chung's invitation, visited Korea and met with domestic entrepreneurs.
Chairman Chung's connection with Omeed Malik is also continuing. Chairman Chung serves as head of Asia, a post newly created this year by the U.S. political donor network "Rockbridge Network," and it is said that plans to establish 1789 Capital were also fleshed out at the group's gatherings.
Taking 1789—the year the U.S. Bill of Rights was adopted—as its name and adhering to a conservative investment philosophy such as anti-environmental, social and governance (ESG), 1789 Capital is also accelerating its expansion into Asia, including Korea.
Chung was also the only Asian invited to attend the opening of the Washington social club "Executive Branch," created by Trump Jr. and Omeed Malik. The club is known to charge more than $500,000 just for membership and to require an executive recommendation or personal connection for entry.