[Photograph by Yoo Dae-gil = dbeorlf123@ajunews.com]
[This article was created to be used for Aju News Corporation's artificial intelligence studies
SEOUL -- A Seoul court accepted the request by former President Chun Doo-hwan to suspend the short sale execution of his house in Yeonhui-dong, Seoul, calling for a suspension. The ongoing public sale process will be suspended until 15 days after the ruling of the original lawsuit.
The 13th administrative division of the Seoul Administrative Court cited Wednesday the suspension of execution made by the former president's wife, Lee Soon-ja, against the Korea Asset Management Corp.
Court justices ruled that they recognized "an urgent need to suspend the effect to prevent 'unrecoverable damage' to applicants due to the execution of the public sale". The justices added that there is no data to acknowledge that the suspension of the public sale has a significant impact on public welfare.
Chun's previous home in Yeonhui-dong was sold for 5.1 billion won ($4.4 million), half the price of the house's estimated value, in the six-party public bidding that ran from March 18 to 20. A 30-day balance payment period will be given, and if the balance fails to be paid within the due date, it will be attributed to dividends. When the balance is paid, some of Chun's unpaid fines of more than 100 billion won will be collected.
The auction industry had predicted that since Chun's Yeonhui-dong home is in a legal dispute, it would be uncertain whether the winning bidder will be able to exercise his or her full rights to use the money made from the house, such as sales and lease, even if the balance is paid.
There are many hurdles that the winning bidder will have to cross even if the public bidding process is carried out again. Due to the nature of the public sale, it takes at least a year for the winning bidder to come to a conclusion. Even if he wins the lawsuit, considerable pressure is expected to incur when the winning bidder tries to enforce execution against the elderly Chun, who claims to be suffering from Alzheimer's.
reporter
Park Sae-jin
swatchsjp@ajunews.com
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