The Deposit Insurance Corporation (Yebo) announced on the 17th that it won the first trial in a lawsuit filed with the local court so that the Kamko City project site in Cambodia could be fully preserved.
Yebo explained, “We already won in this lawsuit in October last year, but the debtor raised an objection and continued to fight in the first trial, and the victory was recently decided.”
In February of last year, Yebo was recognized by the Supreme Court of Cambodia for ownership of a 60% stake in the Kamko City project.
However, even after that, the debtor of this project, Mr. Lee, has placed restrictions on voting rights, so he is having difficulty in exercising his rights.
Yebo filed another lawsuit to restore the ‘share voting rights’ of this business and won the first trial in March of this year.
In addition to this, there is a risk that the debtor who refuses to set up collateral may arbitrarily dispose of the site in Kamko City, and to prevent this, Yebu additionally requested the preservation of the site.
Previously, Mr. Lee was trying to start the Kamco City business with a large loan from Busan Savings Bank.
In this case, Ye Yee finally won, but the court battle continues like this.
Busan Savings Bank Group invested 236.9 billion won in the Kamco City project at the time.
As the Busan Savings Bank closed due to excessive project financing (PF) investment, including Kamco City, 38,000 people were affected, including depositors in excess of 50 million won and investors in subordinated bonds.
/yunhap news
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