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Court declares former chair of Tong Yang Group bankrupt
By Kim Ji-hyunPublished : Sept. 19, 2016 - 16:27
[THE INVESTOR] A local court issued a personal bankruptcy order on former Tong Yang Group Chairman Hyun Jae-hyun who previously inflicted broad monetary damage on investors by issuing bogus commercial paper.
With the ruling, the court sided with a number of victims who requested the former chairman to be declared bankrupt.
Based on the current laws, the latest ruling would allow the court to name a trustee to review Hyun’s assets so they can be disposed of to be divided among the creditors.
With the ruling, the court sided with a number of victims who requested the former chairman to be declared bankrupt.
Based on the current laws, the latest ruling would allow the court to name a trustee to review Hyun’s assets so they can be disposed of to be divided among the creditors.
Among Hyun’s noted possessions are his home in northern Seoul and stocks.
Currently, up to 3,700 are registered as Hyun’s creditors. They are expected to hold a meeting on Dec. 21.
Hyun received a seven-year sentence from the country’s highest court for issuing 2 trillion won (US$ 1.78 billion) worth of bogus CPs and corporate bonds since 2007. In 2014, he deliberately filed for court receivership of five Tong Yang affiliates, inflicting huge losses on around 40,000 investors.
By Kim Ji-hyun (jemmie@heraldcorp.com)
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