'Hyun Jeong-eun Wins Damages Lawsuit' Schindler Begins Enforcement Procedures

Multinational elevator company Schindler, which won a 170 billion won compensation ruling in a damages lawsuit against Hyundai Group Chairman Hyun Jung-eun, has entered the enforcement procedure.

Hyun Jung-eun, Chairwoman of Hyundai Group
[Image source=Yonhap News]

According to the legal community on the 6th, Schindler's legal representative applied to the Supreme Court the day before for the issuance of an enforcement document against Chairman Hyun Jung-eun and former Hyundai Elevator CEO Han Sang-ho.

An enforcement document is a notarized document added by the court to the judgment stating that the creditor (the person to receive compensation) can forcibly execute the debtor's (the person who must pay compensation) property. Once the enforcement document is issued, the plaintiff Schindler can sell Chairman Hyun's assets to recover the compensation.

Schindler, the second-largest shareholder of Hyundai Elevator, filed a shareholder derivative lawsuit in 2014, claiming that Chairman Hyun, the largest shareholder, caused nearly 700 billion won in damages to Hyundai Elevator through derivative financial product contracts. The Supreme Court finalized the ruling on the 30th of last month, ordering "Chairman Hyun to pay 170 billion won in compensation to Hyundai Elevator."

On the same day, Hyundai Elevator held a board meeting and decided to recover the compensation and delayed interest payable by Chairman Hyun through an in-kind settlement by transferring 24,750,463 shares of Hyundai Mobis stock (approximately 86.3 billion won).

Previously, after losing the second trial in 2019, Chairman Hyun paid 100 billion won in advance to Hyundai Elevator and additionally deposited 20 billion won with the court. Hyundai Elevator is also proceeding with the recovery process of the 20 billion won deposit.

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