[풍전등화 광명전기]③ 엠에이치건설 인수 후 경영진 물갈이, 회사는 망가졌다 [넘버스]

Gwangmyeong Electric's crisis exemplifies the systemic risks of Korea's real estate PF market, where massive debt guarantees can rapidly destroy shareholder value when corporate governance fails. External management appointees lacking equity stakes proved unable to mitigate 617 billion won in debt risks, while accounting irregularities and auditor refusal triggered potential delisting. This case underscores why investors must carefully evaluate PF exposure and governance structures, as poor strategic decisions under contested leadership can render even established construction firms insolvent.