Affinity files provisional seizure on Chairman Shin Chang-jae's real estate... Kyobo calls it "intentional defamation"

[Asia Economy Reporter Oh Hyung-gil] The Affinity Consortium, which is in a put option dispute with Shin Chang-jae, chairman of Kyobo Life Insurance, has applied for a provisional seizure on Chairman Shin's real estate.

The Seoul Northern District Court issued a new provisional seizure order against Chairman Shin on the 13th. The Affinity side stated, "This is the court once again confirming that investors have put option rights and that future claims for stock purchase payments will arise accordingly."

Previously, on the 27th of last month, the court dismissed Affinity's injunction request for contract performance and ordered the release of provisional seizures on Chairman Shin's residence, salary, dividends, and Kyobo Life Insurance shares.

In response, Chairman Shin's side claimed that Affinity is recklessly issuing baseless provisional seizures, seriously damaging Chairman Shin's reputation. It is also reported that a legal representative from Affinity exerted physical force at Chairman Shin's residence, causing friction.

A Kyobo Life Insurance official pointed out, "The unreasonable provisional seizure appears to be a deliberate attempt by Affinity, which has virtually lost at the International Chamber of Commerce (ICC) arbitration and has no other alternatives, to use it for public opinion battles," adding, "the amount requested for provisional seizure is far less than the claim amount asserted by Affinity and is ineffective, yet they repeatedly apply for provisional seizures, which seems intended to obstruct Kyobo Life Insurance's IPO."

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