Ok Joo-hyun, Hannam The Hill auction and seizure... Side says "Investor repaid the full loan amount"

It has been confirmed that the Hannam The Hill apartment in Hannam-dong, Yongsan-gu, Seoul, purchased by Ok Joo-hyun for 19 billion KRW, has been subjected to seizure measures by the local district office following a court auction. The Tax Management Division of Yongsan-gu Office seized the Hannam The Hill apartment registered under Ok Joo-hyun’s name on the 6th. While real estate seizures by local governments are generally due to unpaid local taxes, the specific reason for this measure has not been officially confirmed. Ok Joo-hyun signed a contract last year to purchase the apartment from Heo Hee-soo, president of SPC Group, for 19 billion KRW and completed the ownership transfer registration in April of this year. However, about six to seven months after the ownership transfer registration, on the 14th of last month, the Seoul Western District Court decided to initiate a voluntary auction due to issues with repaying a secured loan. The creditor who filed for the auction is Korea Financial Asset Management Loan, and the claimed amount is approximately 2.17 billion KRW. The registry shows four mortgage liens, with a total maximum claim amount reaching 23.7 billion KRW. Regarding the Hannam The Hill auction, Ok Joo-hyun’s side stated, ″This is a debt settlement procedure following a merger and acquisition (M&A) between the corporation and the investment firm,″ adding, ″The Hannam-dong residence was purchased in April of this year during the process of business promotion and investment attraction. Recently, with the successful M&A between Ok Joo-hyun’s corporation and the investment firm, we are proceeding with the procedure to settle existing matters, including debts related to the residence.″ They further explained, ″We are currently conducting detailed debt repayment and settlement procedures with the investment firm, and according to the business plan, the investment firm will repay the full amount of the related loan.″ Meanwhile, the land and newly constructed building in Sinsa-dong, Gangnam-gu, Seoul, purchased by Ok Joo-hyun in 2022 for about 20 billion KRW, are also being mentioned. It is speculated that a loan was taken out during this process and that funds for purchasing Hannam The Hill were intended to be raised through the sale of the Sinsa-dong building, but the specific financial relationship or debt scale between the Sinsa-dong building and Hannam The Hill has not been confirmed.