Seongnam Mayor Eun Su-mi "Considering Recovery of Unfair Gains from Daejang-dong Private Developers"

Eun Su-mi, Mayor of Seongnam.

[Asia Economy (Seongnam) = Reporter Lee Young-gyu] Eun Soo-mi, mayor of Seongnam City, announced that she will actively consider recovering unfair profits from the private developer of the Daejang-dong project.

On the 22nd, Mayor Eun stated on Facebook, "We will conduct thorough reviews including legal consultations regarding the recovery of unfair profits based on the integrity contract submitted by the private developer," adding, "Separately, we will also review the possibility of filing a claim for damages from a legal perspective."

Regarding the scheduled completion approval in December, she said, "Delaying approval raises concerns about restricting citizens' property rights and other rights," promising, "We will prioritize citizens' rights and promptly inform the public of response measures based on the results of legal consultations."

There are many concerns that if Seongnam City grants the completion approval, 'Seongnam-e Tteul,' the developer of the Daejang-dong project, will finalize additional dividends from development profits and proceed with liquidation, making sanctions difficult.

Earlier, on the 6th, Gyeonggi Province requested Seongnam City to take measures such as asset freezing and preservation, prohibition of additional dividends from development profits, and recovery of unfair profits, citing that the private developer violated the integrity contract.

Accordingly, the city has formed and is operating a Daejang-dong response task force (TF) composed of heads from the Budget and Finance Division, Policy Planning Division, Urban Balanced Development Division, Legal Affairs Division, and Public Relations Office.

The city plans to sign a legal advisory contract with a law firm as early as next week to review measures such as recovering unfair profits and filing claims for damages.

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