Court Upholds Auction Disposition of MB's Nonhyeon-dong Residence...Execution Suspension Request Denied
The former president's residence in Nonhyeon-dong, Gangnam-gu, Seoul./Photo by Hyunmin Kim kimhyun81@
View original image[Asia Economy Reporter Lee Jung-yoon] The court has rejected the request to suspend the enforcement of the public auction disposition of the former President Lee Myung-bak and his wife's residence in Nonhyeon-dong.
The Seoul Administrative Court, Administrative Division 11 (Chief Judge Kang Woo-chan), dismissed on the 23rd the request for suspension of enforcement filed by the former president and his wife against Korea Asset Management Corporation (KAMCO), asking to halt the enforcement of the public auction disposition of the entire residence. As a result of this decision, the enforcement of KAMCO's public auction disposition on the former president's Nonhyeon-dong residence and other properties will be maintained.
Previously, in 2018, the prosecution indicted the former president in custody and requested seizure preservation on his real-name and nominee assets. The court partially accepted this and froze the Nonhyeon-dong residence, Bucheon factory building, and land.
In October last year, the Supreme Court confirmed a sentence of 17 years imprisonment, a fine of 13 billion KRW, and a confiscation of 5.78 billion KRW for the former president. Recently, the prosecution entrusted KAMCO with the public auction to collect the confiscation, and on the 1st, the Nonhyeon-dong building and land were sold at auction for 11.156 billion KRW.
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In response, the former president's side filed a lawsuit to invalidate the public auction disposition, arguing that since the couple each owns half of the shares of the Nonhyeon-dong building, it cannot be sold in a lump public auction, and that Mrs. Kim should be able to exercise a preemptive purchase right in the real estate auction process. They also applied for suspension of enforcement. The main lawsuit has not yet scheduled its first hearing.
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