Seongnam City, located in Gyeonggi Province, reported on the 15th that seven out of 14 applications for temporary seizure and injunction submitted to the court concerning the Daejang-dong development corruption case have been approved. The city has asked the court to “seize the assets of private developers.”
As per Seongnam City, up to this point, Lawyer Nam Wook (42 billion South Korean won, 4 cases, including 1 case involving a restraining order on property transfer) and Accountant Jeong Young-hak (64.69 billion South Korean won, 3 cases) have had their assets temporarily frozen, amounting to a total of 106.69 billion South Korean won.
The Seongnam Urban Development Corporation (Seongnam Dogaegong) submitted a total of 14 preliminary seizure and injunction requests to five different courts, including the Seoul Central District Court on the 1st. Out of these, seven applications have been accepted by the court, while five cases require the provision of security, and two are still under consideration. The requirement to provide security is a preliminary measure for the injunction, during which the court asks the creditor (Seongnam Urban Development Corporation) to offer security in case of any potential damages to the debtor (private developers) that could result from the provisional seizure or injunction.
Seongnam City reported, “The total value of the currently approved provisional seizures and cases where security measures have been ordered amounts to 517.3 billion South Korean won.” Specifically, this involves Kim Man-bae (410 billion South Korean won, with a security measure order), Jeong Young-hak (64.69 billion South Korean won, approved), Nam Wook (42 billion South Korean won, approved), and Yoo Dong-gyu (6.75 billion South Korean won, with a security measure order).
A representative from Seongnam City stated, “In a period when there were efforts to stop the preservation of confiscation following the prosecution’s decision not to appeal in the Daejang-dong case, this shows a firm determination to ‘recover criminal gains at all costs.’ We are confident we will prevail in the main lawsuit and return all illicit profits from the Daejang-dong case to the public.”
About the Author
