'Daejang-dong' Kim Man-bae's spouse Suwon land... Court decides to temporarily seize 2.2 billion won

Seongnam Urban Development Corporation announced on the 11th that the provisional seizure of real estate worth 2.2 billion won applied for land in Suwon City under the name of the spouse of Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, a private business operator in the 'Daejang-dong development corruption' case, was upheld by the court.

This decision follows the court's acceptance on the 9th of the preservation disposition requested by the Corporation along with the lawsuit filed against Mr. Kim's spouse at the Seongnam Branch of the Suwon District Court on the 16th of last month along with the cancellation of the fraudulent act.

Accordingly, arbitrary disposal of the land in question is restricted until the main lawsuit is decided.

According to the Corporation, in October 2021, while the prosecution's investigation into the Daejang-dong suspicions was in progress, Mr. Kim donated 2.2 billion won in funds from Cheonhwa-dong No. 2, which he effectively controls, to his spouse's account.

In October of the following year, the spouse purchased land in Gwonseon-gu, Suwon-si with this money and completed the transfer of ownership registration in his or her name.

The Corporation believes that Mr. Kim reduced the assets for which he is responsible by embezzling funds from his spouse, the second executive director of Cheonhwa-dong, in order to avoid liability for damages, and is currently filing a lawsuit requesting the cancellation of the gift contract and the return of 2.2 billion won.

Including this decision, there are a total of 14 cases and 18 items (estimated market value) for real estate preservation disposition applied for by the Corporation to secure the property responsible for those involved in the Daejang-dong incident (estimated market value of approximately 100 billion won).

The Corporation plans to continue to track the borrowed names and hidden assets of criminal case defendants and continue to take legal action, including additional lawsuits.