Seongnam Urban Development Corp. said Wednesday it had secured a court order to provisionally seize an additional 10 billion won in trust proceeds expected to flow to Hwacheon Daeyu Asset Management Co. during the refund of school site levies — bringing the total amount frozen on the same claim to 11 billion won ($8.31 million), including a 1 billion won seizure obtained in March.
The action stems from Seongnam-ui Deul, the developer of the Pangyo Daejang district project, completing the donation of school facilities and land for the Pangyo Daejang elementary and middle school, which triggered grounds for exempting the school site levy.
In processing the refund of levies already assessed and collected, roughly 11 billion won in settlement proceeds was expected to pass through Hana Asset Trust — the project's trustee — and ultimately reach Hwacheon Daeyu.
The city said it acted to fulfill its legal obligation to issue the refund while ensuring that assets needed for the future recovery of illicit gains from the Daejang-dong project would not leave Seongnam Urban Development Corp.'s reach.
The corporation applied for the 10 billion won provisional seizure on Oct. 14, targeting Hwacheon Daeyu's right to claim trust proceeds from Hana Asset Trust. The court granted the application Monday.
Earlier, working from prosecutors' investigative materials, the corporation had traced unsettled apartment pre-sale proceeds belonging to Hwacheon Daeyu and obtained the 1 billion won seizure against the same claim in March. Those materials indicated that as of December 2022, approximately 82.8 billion won in unsettled proceeds was likely to flow into the trust account.
Meanwhile, provisional seizures on real estate assets now stand at around 100 billion won by the corporation's own estimate, and a separate provisional seizure covering roughly 1.2 billion won in bonds has also been completed. Should the trust proceeds settlement be finalized, the value of the secured claims is expected to grow. The city and the corporation have filed a total of 12 provisional seizure applications this year alone as they continue to pursue criminal proceeds and take legal action to recover illicit gains from the Daejang-dong project.
fob140@heraldcorp.com
