[풍전등화 광명전기]② 최대주주 4번 교체…인수자 자금조달 실패 반복 [넘버스]

The rapid turnover of major shareholders at Kwangmyung Electric illustrates the extreme vulnerability of corporate governance when coupled with financial instability and failed capital mobilization. This case highlights how external risks like Project Financing can lead to a breakdown in management trust and the emergence of volatile M&A attempts that ultimately destabilize the company's long-term sustainability.