U.S. court accepts sales ban of properties owned by Yoo family

The U.S. court accepted its application of injunction to ban the disposal of a luxurious house (6.8 million U.S. dollars in market value) and high-end apartment (3.2 million dollars in market value) in New York owned by Yoo Hyuk-ki and his wife, Korea Deposit Insurance Corporation said Monday. Yoo is the second son of Yoo Byung-eon, late former chairman of the defunct Semo Group.

Formerly, Korea Deposit Insurance Corporation had obtained evidence that Yoo Byung-eon sent in 2011 32.63 million U.S. dollars to New York-based Ahae Press whose CEO was the junior Yoo. The corporation filed a lawsuit on October 2 on the U.S. District Court in the Southern District of New York to withdraw the money.

After filing the lawsuit, it applied for an injunction to implement a ban on the properties. As the application was accepted, the Yoo family cannot dispose of the properties until the litigation outcome is decided. If Korea Deposit Insurance Corporation wins the lawsuit, it will withdraw the properties after being sold via auction or public sale by U.S. court.