Housing and Urban Guarantee Corporation Operates 'Eunnik Jaesan Report Center'

[Asia Economy Reporter Kim Min-young] The Housing and Urban Guarantee Corporation (HUG) announced that it will operate a Hidden Assets Reporting Center starting from the 19th to receive reports on assets concealed by malicious landlords, corporations, and corporate joint guarantors who have not repaid their debts for a long time.

The reporting targets are individuals and corporate debtors who have caused guarantee accidents and have not repaid their debts to HUG. This includes not only malicious landlords related to the Jeonse Deposit Return Guarantee but also corporations involved in guarantee accidents such as sales guarantees and rental deposit guarantees, as well as corporate executives or majority shareholders who have signed joint guarantee agreements with HUG.

The reportable assets include all types of tangible and intangible assets with monetary value, such as cash, deposits, stocks, and other properties concealed domestically or overseas by the debtors.

However, assets already identified through HUG's own property investigations or real estate registered under the debtor's name in the real estate registry or cadastral records are excluded from the reporting targets.

Informants who report hidden assets will receive a reward ranging from 5% to 20% of the recovered amount (after deducting litigation costs, etc.) following the completion of the asset recovery and evaluation procedures.

Reports on hidden assets can be submitted through the HUG website, and documents proving the concealment of assets must be submitted together to proceed with legal procedures for debt recovery.

Kwon Hyung-taek, President of HUG, stated, "We will continue to track down assets concealed by malicious debtors to improve debt recovery performance and contribute to maintaining financial soundness," adding, "We look forward to receiving many reports related to hidden assets."

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