Politics · South Korea · 1 hr ago
Seongnam secures court order to freeze 11 billion won tied to Daejang-dong
Seongnam Urban Development Corp.
secured a court order to freeze 11 billion won in money expected to go to Hwacheon Daeyu, a private company involved in the Daejang-dong development project.
The latest order covers 10 billion won, after a court approved the request on October 26; an earlier order froze another 1 billion won in March.
The money is a school-site charge refund linked to land and school facilities donated by the project developer, Seongnamui뜰.
It is expected to pass through Hana Asset Trust before reaching Hwacheon Daeyu.
Seongnam says the freeze is meant to stop suspected criminal proceeds from being transferred to the private developer.
The city and the development corporation say they will continue efforts to recover alleged unjust gains from the Daejang-dong project.
Seongnam Urban Development Corporation secured a court order to freeze 11 billion won in trust proceeds expected to go to Hwacheon Daeyu Asset Management.
The freeze covers 10 billion won approved by a court on October 26, in addition to a 1 billion won freeze granted in March.
The money is expected to arise from a refund of school-site charges linked to the Daejang-dong development project.
The corporation said it acted to prevent the funds from reaching private developers in the project.
Seongnam City and the corporation said they are continuing efforts to recover alleged unjust gains from the project.
- Who
- Seongnam Urban Development Corporation sought the court order; the funds are expected to go to Hwacheon Daeyu Asset Management.
- What
- A court approved freezing 10 billion won in trust proceeds, bringing the total frozen amount for the claim to 11 billion won.
- When
- The court approved the latest application on October 26, 2026. The corporation announced the decision on October 28.
- Where
- The funds are linked to the Daejang-dong development project in Seongnam, South Korea.
- Why
- The corporation said it sought to prevent refund money from reaching private developers and to help recover alleged criminal proceeds.
This story does not have two clearly opposing sides.
The corporation obtained a freeze of 1 billion won on the same claim.
The corporation applied to freeze 10 billion won in settlement proceeds Hwacheon Daeyu was expected to receive from Hana Asset Trust.
The court approved the application to freeze 10 billion won.
The corporation announced the court decision, bringing the total frozen amount to 11 billion won.
- Latest court-approved freeze
- 10 billion won
- Total frozen on the claim
- 11 billion won
- Earlier freeze
- 1 billion won in March 2026
- Expected payer of settlement proceeds
- Hana Asset Trust
- Expected recipient
- Hwacheon Daeyu Asset Management
What people are saying
We carried out measures to ensure the refund does not go to private developers in Daejang-dong while following the procedures under the law.
We will continue responding until the criminal proceeds from Daejang-dong are recovered.