THE BOYZ
The provisional seizure requested by the label ONE HUNDRED on real estate owned by YOUNGHOON and Q, members of the group THE BOYZ in dispute over their exclusive contract, has been accepted.
According to Korean media on July 24, the Seoul Eastern District Court, Civil Division 51 Single Judge, accepted last month the provisional seizure requested by ONE HUNDRED regarding real estate owned by YOUNGHOON.
The subject of the provisional seizure is an apartment located in the Seongdong district of Seoul and owned by YOUNGHOON, for a claimed amount of approximately 500 million won. Subsequently, the application for provisional seizure regarding real estate owned by member Q was also accepted.
Regarding this, CEO Cha Ga Won and attorney Hyun Dong Yeop of the Hwakum law firm, representing ONE HUNDRED Label, stated on July 24: “It is accurate that the real estate of YOUNGHOON and Q has been provisionally seized.”
They continued: “This decision to accept the provisional seizure is the starting point of a claim on the merits of approximately 8.8 billion won regarding the members of THE BOYZ. We are currently locating the real estate of the other members, and we plan to apply for provisional seizures sequentially.”
Furthermore, attorney Hyun emphasized: “While actively responding to the objection request, we will win the lawsuit on the merits in order to normalize company management. This is what the company as well as the creditors desire the most”, adding: “There will be no settlement or closing of the company before recovering the entirety of this amount.”
This provisional seizure is a procedure intended to preserve the execution of financial claims asserted by ONE HUNDRED Label. ONE HUNDRED Label maintains the position that the down payment paid subject to activities during the exclusive contract period is in the nature of an advance, and that if the contract period is not carried out to the end, the amount corresponding to the remaining period must be returned as unjust enrichment.
Facing this, the Yulchon law firm, in charge of legal representation for the 9 members of THE BOYZ, reportedly submitted on July 13 to the Seoul Eastern District Court an objection request to the provisional seizure contesting the decision of provisional seizure of real estate.
In addition, last February, 9 members of THE BOYZ with the exception of member NEW had requested an injunction to suspend the effectiveness of the exclusive contract, claiming that ONE HUNDRED Label had not fulfilled its obligation to pay settlements. The court accepted the application for an injunction to suspend the effectiveness of the exclusive contract filed by the latter, and ONE HUNDRED had then stated: “The acceptance of the injunction is not a final judgment and we will reveal the truth through the lawsuit on the merits.”
Journalist: Shawn
Translator: Shawn
Source: Korean Medias, SNS THE BOYZ
