The Seongnam Urban Development Corporation plans to file a lawsuit regarding a 2.2 billion won transfer made by private developer Kim Man-bae to his spouse in connection with the Daejang-dong development project.
On October 16, the corporation announced it would seek the cancellation of a gift contract and demand the return of 2.2 billion won related to land acquired in Gwonseon-gu, Suwon, under the name of Kim's spouse. The corporation has also applied for a real estate provisional seizure to prevent the disposal of the property.
According to the corporation, in October 2021, while a prosecution investigation into the Daejang-dong project was ongoing, Kim transferred 2.2 billion won from the funds of Cheonhwa Dongin No. 2, which he effectively controls, to his spouse's account.
The following October, his spouse purchased the land in Suwon using those funds and completed the ownership transfer registration in her name. The corporation believes that Kim transferred the funds to reduce his accountable assets while facing potential liability for damages.
Given that Kim's spouse also served as an inside director of Cheonhwa Dongin No. 2, the corporation assesses that she likely had knowledge of Kim's financial situation regarding assets and debts.
The prosecution has reported that approximately 489.5 billion won in property damage occurred to the Seongnam Urban Development Corporation in relation to the Daejang-dong project, leading to charges against Kim and others.
In the first criminal trial, which concluded on October 31 of last year, the court acknowledged that the corporation suffered property damage, estimating the amount at around 112.8 billion won. Based on this, the corporation is pursuing legal action to secure related assets from Kim.
Including this provisional seizure application, the corporation has initiated a total of 14 real estate preservation measures involving 18 properties linked to individuals associated with the Daejang-dong case. The estimated market value of these properties is approximately 100 billion won.
The corporation plans to continue tracking the asset relations of individuals involved in the Daejang-dong case and will consider additional legal actions, such as further lawsuits, for confirmed assets.
This lawsuit is a civil procedure seeking the cancellation of the asset transfer and recovery of property, with the determination of whether it constitutes a fraudulent transfer and the acceptance of the claims expected to be decided by the court.
* This article has been translated by AI.
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