Former Dongyang University Professor Jeong Gyeong-sim's Commercial Property in Hawolgok-dong Listed for Court Auction
[Asia Economy Reporter Ryu Tae-min] Jeong Gyeong-shim, former professor at Dongyang University and wife of former Minister of Justice Cho Kuk, jointly owned a commercial building with her older brother and younger sibling, which has been put up for court auction.
According to the real estate and legal sectors on the 1st, the Seoul Northern District Court decided to commence a compulsory auction on a two-story commercial building located in Hawolgok-dong, Seongbuk-gu, Seoul, on the 18th of last month. This commercial property is jointly owned with each holding a one-third share by former professor Jeong, her older brother, and younger sibling.
The court's decision to start the compulsory auction was due to a debt of 504,591,63 KRW held by Jeong's younger sibling, Jeong Mo (58). The creditor applied for a provisional seizure on Jeong's share of the commercial building, and the court accepted this, placing a provisional seizure on Jeong's share in July last year and deciding on the auction last month.
According to the asset details disclosed by former Minister Cho Kuk during the 2019 ministerial candidate confirmation hearing, the official land and building price of this commercial building is about 790 million KRW, but former professor Jeong stated during the trial that the Hawolgok-dong commercial building was valued at around 2.6 billion KRW. The appraised value of the auctioned commercial building has not yet been disclosed.
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Former professor Jeong is currently imprisoned after being sentenced to four years in prison in the first and second trials for charges including allegations of private equity fund investment fraud. Previously, the prosecution filed for seizure preservation on the Hawolgok-dong commercial building, accusing former professor Jeong of making illegal profits of 164 million KRW through stock trading using undisclosed information of a listed company.
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