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Korean Court Cancels Decision to Seize WTF Bank Accounts

The Court’s decision to freeze WTF’s 4billion won (3.4 million USD) assets was canceled.

On December 19, the Anyang Branch of Suwon Local District Court informed that “the Court’s decision to freeze the 4billion won (3.4 million USD) assets is canceled, and rejects accuser’s (LaJust) request for provisional seizure.

The court informed through the sentencing that “the accused’s (WTF) assets are in a healthy state and it was demonstrated by revealing its bank accounts that there are no intentions of hiding assets” and added that “in light of the public interest character that the debtor has, it is appropriate to let the accused use the assets that the accuser (LaJust) has seized for its activities, and then require to reimburse the liabilities for damages in case the accuser wins in the original lawsuit”.    
The Court said that “it seems not likely that the accused will evade liabilities for damages, and should it evade the reimbursement, the accused has enough assets for the creditor to force execution. Furthermore, the accused has enough arguments against the reasons for the reclamation for damages claimed by the accuser. Therefore, the is no reason to preserve the request of the seizure of assets.”
Prior to this, on July 25th, the same Court decided to freeze WTF’s 4 billion won (3.4 million USD) assets. The change of decision can be seen as an acknowledgement and correction of the wrong verdict. 

On December 4, the Court ruled that the cancelation of WTF’s contract with LaJust was lawful. With the asset seizure being canceled this time, WTF’s legitimacy is being proved in this battle against LaJust.

Now the only lawsuit to be settled between LaJust and WTF is the original lawsuit, concerning the “breach of recognition contract and reclamation of damages”.  

In light of the series of events that happened recently, there are many chances that the last lawsuit will have a favorable ruling for the WTF.

<World Taekwon Media>

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