KDIC Wins First Trial in Cambodian Court for 'Kamco City Land Preservation Case'

[Asia Economy Reporter Song Seung-seop] The Korea Deposit Insurance Corporation (KDIC) announced on the 17th that it won the first trial in the land preservation case filed with the Cambodian court.

Last February, the corporation was recognized by the Supreme Court of Cambodia as the owner of 60% of the shares of KAMCO City, but the debtor exercised voting rights restrictions, and the trial is ongoing. In March, the corporation won the first trial of the provisional injunction lawsuit to restore the voting rights of the shares.

The debtor is a Korean businessman who borrowed a large sum from Busan Savings Bank in the past to carry out the KAMCO City project. The debtor previously filed a lawsuit demanding the return of the business shares that became KDIC’s stake due to the bankruptcy of Busan Savings Bank.

The corporation believes that the debtor has not provided information on the KAMCO City land, preventing preservation measures on part of the land. In particular, the debtor refuses to set collateral and there is a risk of arbitrarily disposing of the KAMCO City land. To proactively prevent this, the corporation filed for land preservation with the Cambodian court.

The corporation emphasized that it will strive to receive information on the KAMCO City land through the Korea-Cambodia government task force and will actively respond to any lawsuits filed against the judgment.

A KDIC official stated, “We will continue to focus all our capabilities to alleviate the suffering of more than 38,000 victims of Busan Savings Bank deposit losses.”

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