Lee Yoona from Sports Chosun reported that Baek Jong-won, the CEO of Daebon Korea, humbly apologized after becoming a major stakeholder with shares valued at over 500 billion KRW.
On the 7th, Baek Jong-won released a video titled "I share my sincere apologies" on his YouTube channel. He expressed remorse to everyone disappointed by the recent Tongyeong regional festival, stating that he created the video to convey his regrets. This comes after numerous complaints surfaced regarding the first seafood festival he planned, called "Tongyeong Fisherman's Market."
Baek explained that unexpected rain on the first day of the event caused inconvenience due to a lack of adequate shelters. He acknowledged that, although the weather improved the following day, they were unprepared for the high turnout. He apologized for the long lines and inadequate food service due to ingredient shortages.
The Tongyeong Fisherman's Market festival was co-hosted by Baek Jong-won’s Daebon Korea and six local fishing cooperatives from the region. It took place from October 1 to 3 in Tongyeong, attracting over 300,000 visitors according to city reports. However, the festival faced criticism as the sudden influx of visitors led to long waits and overcrowding.
Prior to the festival, Daebon Korea, which was listed on the KOSPI stock market on the 6th, started trading at 46,350 KRW, significantly above its offering price of 34,000 KRW. The stock briefly surged to 64,500 KRW in early trading, closing at 51,400 KRW, a 51.2% increase from the offering price. Following the listing, Baek Jong-won became the largest shareholder, holding 8,792,850 shares, valued at approximately 451.9 billion KRW at the closing price.