(Bloomberg) -- A Seoul hedge fund is making a massive bet that hinges on changes in the chronic issue of South Korea’s corporate governance. It all started in August, when Must Asset Management, a 500 billion-won ($430 million) long-only hedge fund, said in a filing that it will become more actively engaged with a local builder it has a stake in: Taeyoung Engineering & Construction Co. Then in December, it proposed the company, which owns several valuable subsidiaries, should set up a body to improve governance. Activists typically seek to add shareholder value.