In a major financial exposure review, 58 regional Saemaul Geumgo credit cooperatives in Gwangju and South Jeolla Province extended 2,300억원 in senior-ranking loans to the Solhasido development project in Haenam, with 37 of these institutions exceeding 90% of their individual lending limits, according to data obtained by National Assembly Trade, Industry, Energy, SMEs, and Startups Committee member Rep. Ku Ja-keun.
Assessing the Financial Exposure and Risk Concentration
- Total Senior Debt: Haenam Solhasido No. 1 Co. secured 2,300억원 in March 2021 for debt refinancing, backed by 136.3 billion won from the Saemaul Geumgo Federation and 93.7 billion won from regional cooperatives.
- Lending Limit Thresholds: The combined individual lending limit total for the 58 participating Gwangju and South Jeolla branches stood at 109.37 billion won, of which 90.3 billion won—or 82.6%—was deployed, pushing 37 separate institutions past the 90% utilization mark.
- Collateral and Land Valuation Shifts: The site designated for the National AI Computing Center was bundled into the first-priority real estate trust collateral, transitioning from a 2024 appraisal value of 약 44억 7천만원 to a 14.5 billion won projected sale price by 2026.
Loan Concentration and Individual Credit Limits
The financing arrangement for the Haenam Solhasido project relied heavily on regional deposits pooled across dozens of community lenders. Rep. Ku Ja-keun’s office revealed that Haenam Solhasido No. 1 Co. applied for the 2,300억원 senior debt package in March 2021. While the central federation shouldered 136.3 billion won, the remaining 93.7 billion won was distributed among 58 local Gwangju and South Jeolla cooperatives. Within this group, 37 individual cooperatives issued loan commitments that reached or exceeded 90% of their prescribed single-borrower credit limits.
This heavy concentration in a single private development venture has sparked questions regarding whether independent underwriting and rigorous risk management were properly executed at the local cooperative level. Because these entities operate using local depositors’ funds, legislative scrutiny has centered on why so many regional branches approached their regulatory caps for one specific commercial undertaking.
Diverging Appraisals in the National AI Computing Center Site
Further examination of the collateral package revealed discrepancies surrounding the land designated for the National AI Computing Center. Saemaul Geumgo confirmed holding first-priority beneficiary rights over the development site under a real estate mortgage trust. However, official valuation figures shifted significantly over a two-year window.
Appraisal documents submitted for 2024 valued industrial plots 15 and 16—totaling 79,876 square meters—at approximately 약 44억 7천만원. By 2026, during the execution phase of the National AI Computing Center project, a projected sale price of 14.5 billion won emerged. Under these terms, Saemaul Geumgo authorized land usage on the condition that 70% of the sale proceeds, amounting to 101억 5천만원, be applied toward loan repayment.
| Financial Metric / Event | Reported Figure | Context / Source Reference |
|---|---|---|
| Total Senior Loan Amount | 2,300억원 | March 2021 refinancing application (Haenam Solhasido No. 1 Co.) |
| Federation vs. Regional Split | 136.3 billion won / 93.7 billion won | Central federation participation versus 58 regional cooperatives |
| Single-Borrower Limit Utilization | 82.6% overall (37 entities > 90%) | Total exposure relative to the 109.37 billion won combined lending cap |
| AI Computing Center Land Appraisal (2024) | 약 44억 7천만원 | Official appraisal value for industrial plots 15 and 16 (79,876㎡) |
| AI Computing Center Sale / Repayment (2026) | 14.5 billion won / 101억 5천만원 | Projected sale price benchmark and actual loan recovery amount |
Legislative Scrutiny and Future Oversight
Addressing the concentration of risk and the valuation shifts, Rep. Ku Ja-keun emphasized the necessity of a complete investigation into the underwriting procedures. “58 regional Saemaul Geumgo branches in Gwangju and South Jeolla participated in a single private development project, with 37 of them exceeding 90% of their individual lending limits,” Ku stated. He underscored the need to verify whether each cooperative independently evaluated business viability and repayment capacity, and whether risk management protocols functioned adequately during the capital allocation process.
Ku also demanded transparency regarding the real estate transactions tied to the computing hub. “Every aspect of the National AI Computing Center sale process—including the calculation basis for the 14.5 billion won valuation, the target parcels, and the 101억 5천만원 repayment procedure—must be clarified without a single shadow of a doubt,” he added.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
