Asiana Airlines has won the final legal battle over the ownership of the 250 billion KRW deposit it received from HDC Hyundai Development Company.
On the 13th, the First Civil Division of the Supreme Court (Presiding Justice Shin Sook-hee) upheld the ruling in favor of Asiana Airlines and Kumho Construction in a lawsuit against HDC Hyundai Development Company and Mirae Asset Securities regarding the extinction notification of a pledge (collateral) and claims for damages.
With this ruling, the 250 billion KRW deposit paid by HDC Hyundai Development Company and Mirae Asset Securities during the 2019 acquisition contract for Asiana Airlines will be retained by Asiana Airlines and Kumho Construction.
In November 2019, HDC Hyundai Development Company signed an acquisition agreement worth a total of 2.5 trillion KRW, paying 217.7 billion KRW to Asiana Airlines and 32.3 billion KRW to Kumho Construction as a deposit. However, due to the impact of the COVID-19 pandemic, the business environment changed drastically, prompting HDC Hyundai Development Company to request a review of the acquisition terms.
However, the Korea Development Bank and Kumho Construction rejected the request for reassessment, citing a lack of acquisition intent, and eventually, the acquisition contract was canceled in September 2020. This led to a legal dispute over whether the deposit should be refunded.
In the first trial in November 2022, the court ruled that "Asiana Airlines and Kumho Construction lawfully terminated the contract, and the defendants have no grounds to claim a refund of the deposit."
The appellate court also upheld the ruling, stating, "While the economic downturn caused by COVID-19 qualifies as a natural disaster, it does not constitute grounds for contract termination."
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Asiana Airlines Wins Final Lawsuit Over Deposit Refund Against HDC Hyundai Development Company
Asiana Airlines has won the final legal battle over the ownership of the 250 billion KRW deposit it received from HDC Hyundai Development Company.On the 13th,
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