Korean Job Discussion Forums

[garykasparov]

http://www.koreaherald.co.kr/

Dear Community Page


An unregulated mess

Like many others, I was surprised to read that the hagwon industry has become popular with financial capital investors. (Sept. 4, 2007, Business section). In case capital investors haven't been paying close attention, the hagwon industry is riddled with dishonest owners and directors who violate written contracts and break Korean law on a regular basis when it comes to paying required pension and health insurance coverage. The Korean labor boards and civil court systems are clogged with cases filed by teachers against dishonest hagwon owners.

Many parents routinely switch hagwon because of outrageous tuition increases and there have been many arrests of teachers with fake diplomas made by Korean immigration offices.

Why do capital investors have so much faith in this industry? If it's because of promises of large profits, then they should be very careful. The hagwon industry is an unregulated mess, and capital investors are essentially gambling by investing large sums of money into just any hagwon. How can capital investors be certain that these large investments are secure? Dishonest hagwon owners lie to teachers and parents, so why wouldn't they lie to capital investors, too?


William Mattiford, Jr.




2007.10.10

[The_Conservative]

[Yu_Bum_suk]

Unfortunately investors would favour the crap chains. If a chain has 100 franchises a few might *beep* things up so badly that they go under, but the other 95 will, on average, succeed in ripping off the parents while exploiting thier employees.

[wylies99]

[buymybook]

I don't think the courts are clogged with cases simply because foreigners don't pursue their injustices due to the unfair(Discriminatory) court system in South Korea against them. Not to mention the language barrier and their need to go back home crying to their mommy and daddy.

Heck, I was sued by my employer and the Civil Court didn't even provide me an Interpreter at the 1st three court dates. I had to file a counter-lawsuit and pay for the court appointed Interpreter myself to be heard and to try and understand what there was to understand.

About the investing in the Korean Hagwon industry or in response to the article in the Herald. I don't think William Mattiford, Jr. did much research for the article. The chance of investement in most mom n pop English Hagwons is nill, they are family owned/operated. However, I suppose you could always invest in YBM etc...

Most are not listed on the Kosdaq. Another way to invest might be directly or on the side with their neighborhood Rip-Off English Shop if such a partnership could be reached?

The real investment money to be made is(was) with online Hagwons such as 'Megastudy' or 'Cornerstone Equity Partners' etc...

http://www.megastudy.net/board/Press_view.asp?st_flg=2&st_seq=1838&page=5&smode=&sword=

[wylies99]

buymybook- Write a rebuttal to the newspaper. Tell everyone why the hogwan industry is a good investment opportunity.
Maybe you've never once seen a private investor or a group of private investors invest in a hogwan or hogwan chain. Happens all of the time.

Oh, and try to avoid sentence fragments.

BTW-Funny that every time I post something about a bukowski sock, another poster magically appears to take up the same argument. Amazing how that happens.

[Milwaukiedave]

Wylies,

Your kitty cat makes me dizzy.

[wylies99]

I post a lot of music on the youtube thread.

[wylies99]

Those who STILL plan to invest in the hagwon industry, first help those who invested in the hagwon industry in Japan.

http://www.yomiuri.co.jp/dy/national/20071111TDY02302.htm

Guess the letter writer was correct, after all.

[tzechuk]

[wylies99]

No, but once a couple of bukowski socks posted on this thread, I just had to say something. I have more respect for someone who gets a letter printed, even with flaws, than for those who post BS on an anonymous board.


And at least two bukowski socks posted on this thread.

[Young FRANKenstein]