Seongnam City Secures Cheongdam-dong Building Suspected to Be Nam Wook's Borrowed Asset Through Provisional Disposition

City Obtains Court-Ordered Security Provision for Nam Wook's "Cheongdam-dong Building"
Seongnam City: "Recognition of Actual Ownership, Significant Progress in Asset Preservation"

Seongnam City in Gyeonggi Province (Mayor: Shin Sangjin) announced on December 10 that it has received a security provision order from the Seoul Central District Court regarding a provisional disposition prohibiting the disposal of real estate for a building in Cheongdam-dong, Gangnam-gu, Seoul, which is suspected to be effectively owned by Nam Wook, a key figure in the Daejang-dong development corruption case.

Seongnam City Hall exterior. Provided by Seongnam City

The Cheongdam-dong building in question is registered under the name of a corporation (ID Asset Co., Ltd.), but in 2022, the prosecution had already designated it as an asset held under a borrowed name by Nam Wook and obtained a preservation order for its forfeiture.

ID Asset Co., Ltd. is a corporation jointly represented by an acquaintance of Nam Wook and a family member of Jung Younghak, with Nam Wook reportedly holding a 50% stake. The company is currently suing the Ministry of Justice as a third-party claimant to lift the preservation order on the Cheongdam-dong building.

Seongnam City explained, "Since the forfeiture amount was ultimately set at zero due to the prosecution's decision not to appeal in the criminal proceedings, there has been increased uncertainty about maintaining the preservation order. Therefore, it was necessary to secure the Cheongdam-dong building once again through civil proceedings (provisional disposition)."

The city further stated, "Like the seven previous security provision orders received, this latest order is also a preliminary procedure based on the assumption that the provisional disposition will be granted. It represents another significant step in blocking attempts to dispose of criminal proceeds and in securing resources to recover damages for citizens."

Additionally, the city interpreted the court's issuance of this security provision order-despite the building being registered under a corporate name and a separate lawsuit to lift the preservation order being underway in another court-as a reaffirmation that the building is effectively owned by Nam Wook and that there is a substantial need for preservation, which the court largely acknowledged.

The city stated that it will continue to build on this court decision and focus its efforts on ensuring that all remaining provisional seizure and disposition applications related to Daejang-dong currently in progress are also granted.

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