Why Yeom Sin-il, Former CFO of Deutsch Motors, Signed a Consulting Contract with Mediazen

Deutsche Motors Stock Manipulation Hearing Witness
Wife's Company Also Collaborates with Mediazen

Yeom Shin-il, former Chief Accounting Officer of Deutsche Motors who was selected as a witness for the National Assembly's Legislation and Judiciary Committee hearing on allegations of stock manipulation, has been confirmed to be serving as the Vice President of MediaZen. MediaZen also has a cooperative relationship with the company run by Yeom’s wife through business contracts.

According to the financial investment industry on the 19th, Yeom Shin-il, former Chief Accounting Officer of Deutsche Motors, holds the position of Vice President at MediaZen. It is known that Yeom joined the company through his acquaintance with Ko Hoon, former CEO of MediaZen. Although Ko retired and received his severance pay in March this year, he is still working at the company.

Yeom served as the accounting officer of Deutsche Motors and Chief Financial Officer (CFO) of Deutsche Financial. He is known to have established ties with former Deutsche Motors Chairman Kwon Oh-soo when Deutsche Motors conducted a reverse merger through a KOSDAQ-listed company called ‘Dar&Co’ in 2008. He was responsible for financial affairs at Deutsche Motors until 2017. Currently, he is also listed as an outside director at Kwangdong Pharmaceutical.

Yeom was selected as a witness for the National Assembly’s Legislation and Judiciary Committee hearing related to Deutsche Motors due to suspicions of involvement in stock price manipulation. Former Chairman Kwon Oh-soo was convicted in the first trial on February 1 last year for artificially inflating Deutsche Motors’ stock price for about three years starting from the end of 2009.

A company official stated, “Vice President Yeom and MediaZen have a consulting contract regarding domestic sales of artificial intelligence (AI) products, overseas investment attraction, new product development, and commercialization,” adding, “Although Yeom is currently inactive, he contributed to attracting investment from Chinese companies.”

Additionally, MediaZen has a cooperative relationship with ‘Dan&New,’ a company operated by Yeom’s wife, CEO Park Ji-sun. In February last year, MediaZen announced a partnership with Dan&New for AI edutech and kiosk business. Vice President Yeom is also working at Dan&New.

Dan&New is an educational consulting company established in December 2008. Its original name was ‘Dar&Co,’ the same as the company through which Deutsche Motors conducted its reverse merger, but it was changed to Dan&New in 2021. CEO Park is known to have come from the planning office of Dar&Co. Vice President Yeom also participated in Dar&Co’s paid-in capital increase and once held shares. After Deutsche Motors merged with Dar&Co, CEO Park newly established the Dar&Co corporation.

Song Min-gyu, CEO of MediaZen, said, “We signed a joint development contract for an English AI education system with Dan&New, but it is difficult to disclose detailed contract scale or financial terms,” adding, “Through collaboration with Dan&New, we launched the Lokitoki service this year and are currently conducting a pilot service targeting libraries.”