Update on Yeouido property

Timothy Elder
March 8, 2011

When we last left off, Tongil Foundation had filed a law suit against Y22, asking a judge to nullify the contract assigning the right of superficies on the Yeouido property to Y22 for 99 years. This suit is still proceeding.

Later, the Foundation filed a second suit, asking the court to block Y22 from selling or otherwise disposing of the right of superficies to any third party while the main suit was proceeding. The court recently issued a decision rejecting the Foundation's request to block such transfers.

The original suit is still ongoing, and there is every reason to believe that we will be successful there. The court's decision on the second suit is disappointing, but it is not critical.