The Korea Tennis Association is facing another seizure of its bankbooks due to a default on a debt related to a tennis court project at a military academy.
On the 18th, a senior official of the Tennis Association said, “Following a ruling by the Seoul Eastern District Court, MediaWill has begun seizing bonds on the 9th, and all passbooks in the name of the association have been seized, and the financial functions of the association have been completely suspended.”
The Tennis Association lost a lawsuit with media and food retailer MediaWill in 2021, leaving the organization owed about 6 billion won ($7.2 million). The lawsuit was over the right to operate the tennis courts at the United States Military Academy.
In 2015, the association signed a memorandum of understanding with MediaWill to remodel the Army Academy’s tennis courts at a cost of about 3 billion won and secure the right to operate them. Joo Won-hong, the former chairman of the association, borrowed 3 billion won for the remodeling from his brother’s company, MediaWill, and agreed to give MediaWill the right to operate the Army Academy courts in exchange for repaying the principal.
However, when Joo Won-hong was defeated in the 2016 KTA elections and Kwak Yong-woon took over as president, the promise to MediaWill was not honored. In response, MediaWill filed a lawsuit against the KTA under Kwak Yong-woon’s administration and won the case, which lasted nearly five years and resulted in a debt of about 6 billion won in principal plus interest.
However, the association settled with MediaWill in April last year, after new president Chung Hee-kyun took office, to pay the principal in annual installments of 500 million won and secure the right to operate the athletics courts until December 2022. Among the terms of the settlement was the establishment of a committee to investigate the previous Kwak Yong-woon administration and post the report on the association’s website by June 2022.
However, on August 9 this year, MediaWill again initiated a bond seizure, claiming that the association failed to secure the right to operate the land court and failed to comply with the agreement to post the truth report. If the bond seizure is not released, 카지노사이트킴 the KTA will not be able to make any financial expenditures and will not be able to receive sponsorship money from its sponsors.