SDC Files for Provisional Seizure of 13 Assets Worth 747.3 Billion KRW from Daejang-dong Private Developers

[Financial News] Seongnam Urban Development Corporation (SDC) of Seongnam City has filed for provisional seizure of assets belonging to Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, and other private developers involved in the Daejang-dong project.
According to Seongnam City on the 2nd, SDC submitted 13 applications for provisional seizure targeting the real estate and deposits of Daejang-dong private developers to the Seoul Central District Court (10 cases), Seoul Southern District Court (1 case), Suwon District Court (1 case), and Suwon District Court Seongnam Branch (1 case) the previous day.
The total amount subject to provisional seizure is approximately 747.3 billion KRW: Kim Man-bae 600 billion KRW, Nam Wook 82 billion KRW, Yeonghak Jeong 64.69 billion KRW, and Dong-gyu Yu 675 million KRW.
The assets designated for provisional seizure by SDC include deposit bonds, real estate, trust beneficiary rights, and claims for damages.
In addition, the city is separately pursuing a Claim for Return of Crime Victim Property in accordance with the Act on Special Cases Concerning the Confiscation and Return of Property Acquired through Corrupt Practices.
On the 28th of last month, SDC submitted a claim for return to the prosecution for the entire 112.8 billion KRW in damages recognized by the first trial court in the Daejang-dong case.
A claim for return is a procedure in which a person who has suffered property damage due to a corruption crime requests the state to return criminal proceeds, which have been recognized by the court as subject to confiscation or collection, to the actual victim.


jjw@fnnews.com Jung Ji-woo Reporter