Jeon Doo-hwan’s grandson Jeon Woo-won 4.8 billion shares…seized by stepmother Park Sang-ah

A stock seizure application filed by stepmother Park Sang-ah, 51, against former President Chun Doo-hwan’s grandson Jeon Woo-won, 27, has been granted by the court먹튀검증.

According to a legal report on June 6, the Seoul Western District Court Civil Division 51 (Chief Judge Park In-sung) granted Park’s application to seize Wear Valley shares worth about 482.32 million won ($482.3 million) that she filed against Woo Won on June 10.

As a result, Mr. Woo cannot arbitrarily sell or dispose of his Wear Valley shares.

If the case goes to trial, it is possible that the shares will be fought over in court.

Wear Valley is an IT company founded in 2001 by Woo Won’s father, Jae Yong Lee, the second son of the former president. The company has been accused of being a conduit for the Jeon family’s money. In 2013, the prosecution’s special recovery team of the “Jeon Doo-hwan Family Unpaid Collections” recovered 550 million won of the former president’s secret funds from Mr. Sohn Sam-soo, the custodian of the funds and CEO of Wear Valley.

At the time, Mr. Son was Wear Valley’s largest shareholder (49.53%), and Mr. Jae-yong’s two sons, Mr. Jeon and Mr. Jeon Woo-sung, each held a 7% stake. In various media interviews, Mr. Woo Won Jeon has stated that WearValley paid cash dividends for the last three years, but that he did not receive them and that his father (Jae Yong) stole them.

“In 2019, Mr. Jae Yong Jae forced me to sign a document to transfer Wear Valley shares to Ms. Park because he had no living expenses,” Woo Won’s biological mother, Choi Jeong Ae, alleged on Facebook, adding, “In order to save on gift taxes at the time of the share transfer, Mr. Jae Yong Jae falsely pretended that he was repaying a loan he had taken out for his children’s tuition and made me stamp the document.”

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