Cashwalk Ads: "Won First-Instance Ruling Seeking Delivery of 3.81 Million NBT Shares"
- Input
- 2026-09-16 15:35:29
- Updated
- 2026-09-16 15:35:29
According to Cashwalk Ads on the 16th, the 31st Civil Division of the Seoul Central District Court (case No. 2025GaHap12917) ruled on the 10th that all of the plaintiff’s claims should be granted in a lawsuit Cashwalk Ads filed against Park Soo-geun, CEO of NBT, seeking delivery of shares.
The lawsuit stemmed from a share purchase agreement under which Cashwalk Ads agreed in March last year to buy 3,819,756 common shares of NBT from Park at KRW 3,600 per share, for a total of KRW 13.75112 billion.
The two sides subsequently failed to agree on a closing date. On June 25 of the same year, Park notified Cashwalk Ads that he was terminating the agreement, citing the expiration of the closing deadline and an alleged breach of the duty to cooperate on disclosures.
The court found that Cashwalk Ads must pay a total of KRW 4.8 billion in secured obligations attached to the shares to each pledgee and pay the remaining purchase price of KRW 3.95 billion to Park. At the same time, Park must cancel the pledges and complete the electronic registration transfer of the 3,819,756 shares between the accounts.
The court also determined that Park’s refusal to agree on the closing arrangements, thereby causing the contractual termination condition to be met, violated the principle of good faith.
Regarding the alleged breach of the duty to cooperate on disclosures, the court found that the duty was ancillary to the share purchase agreement. It also determined that even a breach would not necessarily constitute grounds for terminating the agreement.
Cashwalk Ads said, "We respect the court’s decision and will proceed with the necessary steps in accordance with the law and the contract."
The ruling was issued by the court of first instance, and related proceedings, including a possible appeal, may follow.
[email protected] Jung Sang-hee Reporter