Court Suspends Provisional Seizure of Kumho Tire Corporate Bank Account

[Asia Economy Reporter Kiho Sung] The court has accepted the application to suspend the provisional seizure of Kumho Tire's company bank account.

According to industry sources on the 21st, the Civil Division 2 of the Gwangju High Court (Presiding Judges Heonjong Yoo, Hangseok Choi, Seungjoo Kim) approved Kumho Tire's application to suspend the compulsory execution on the 20th. The deposit amount is reported to be around 1.8 billion KRW.

Kumho Tire is undergoing additional procedures to lift the seizure on the bank account, and it is expected that the worst-case scenario will be avoided once the corporate account seizure is lifted.

Earlier, 613 workers from in-house partner companies of Kumho Tire won a lawsuit filed against the company in January to confirm their employment status. Following the first trial ruling, they requested the court on the 27th of last month to seize the company's assets and issue a collection order, demanding regular employment, payment of wage differences, and delayed damages amounting to 20.4 billion KRW.

The court accepted the union's application, and Woori Bank, Kumho Tire's main bank, seized the company's operating funds account.

This content was produced with the assistance of AI translation services.