Alphabiz - Baemin Operator Woowa Brothers Sent KRW 490 Billion to Delivery Hero Amid EU Fine Timing, Raising Questions

Photo courtesy of Yonhap News

[Alpha Biz= Kim Jisun] Woowa Brothers, operator of Baemin, transferred about KRW 490 billion to its German parent Delivery Hero last year, prompting questions over whether the move was linked to the parent’s legal liabilities.

According to regulatory filings, the transfer was executed through a share buyback and cancellation, which Woowa Brothers described as a legitimate capital return. However, the amount is similar to the €329 million fine imposed on Delivery Hero by the European Commission in June last year over antitrust violations.

Delivery Hero’s 2025 annual report shows it had set aside provisions ahead of the penalty, which was finalized and paid last year. The funds were transferred via Woowa DH Asia, a Singapore-based holding entity within the group’s structure linking Korea operations to the German headquarters.

Criticism has grown that profits generated in Korea may have been used to support the parent company, particularly as lawmakers have urged greater reinvestment in the domestic market. Woowa Brothers has sent more than KRW 1.3 trillion to Delivery Hero through dividends and capital returns since 2023.

Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)