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'Headquarters of Cheonhwa Dongin No. 3': Villa in Mok-dong owned by Kim Man-bae's sister seized

[비즈한국] It has been confirmed that a villa in Mok-dong, Yangcheon-gu, Seoul, owned by Kim Myeong-ok, the older sister of Hwacheon Daeyu majority shareholder Kim Man-bae, has been seized by the Yangcheon District Tax Office. This villa is the registered headquarters of Bokyeong (formerly Cheonhwa Dongin No. 3), an affiliate of Hwacheon Daeyu.

According to the real estate register, Kim Myeong-ok purchased the villa located in Mok-dong in 2005. The building stands from one basement level to four floors above ground, with a total floor area of 490.66㎡ (approximately 148 pyeong). As of January 1 of this year, the government-assessed value of the villa is 853 million won. This villa is also the registered address for Kim Myeong-ok.

Kim Myeong-ok is currently the sole executive director of Bokyeong. Bokyeong was formerly known as Cheonhwa Dongin No. 3, which participated in the past Daejang-dong development project in Seongnam. Specifically, Cheonhwa Dongin Nos. 1 through 7 participated as shareholders of "Seongnamui Tteul," a special purpose company (SPC) created for the Daejang-dong development. They received a total of hundreds of billions of won in dividends during the course of the Daejang-dong development project.

Cheonhwa Dongin No. 3 changed its name to "Bokyeong" in October 2022. The following year, in 2023, it relocated its headquarters from Seongnam to the Mok-dong villa owned by Kim Myeong-ok. Since then, there has been no notable news regarding Bokyeong’s business activities.

However, it was confirmed that the Yangcheon District Tax Office seized Kim’s Mok-dong villa in May of this year. The National Tax Collection Act states that "if a taxpayer fails to pay national taxes or arrears in full by the designated deadline after receiving a reminder or a notice of collection before the payment deadline, the authorities shall conduct compulsory collection according to the procedures of property seizure, sale/collection, and liquidation of seized property."

From this, it is presumed that the villa was seized because Kim Myeong-ok failed to pay her taxes. The Yangcheon District Tax Office did not disclose the specific reason for the seizure, citing that it is personal information.

BizHankook visited the Mok-dong villa on August 1. There was a real estate agent's office on one side of the first floor, but it was closed, and no staff could be reached. Besides the real estate office, there were other office spaces, but all were closed. The residential area was restricted to outsiders, preventing entry.

Kim Myeong-ok is the individual who drew attention in 2019 for purchasing the Yeonhui-dong residence of the late Yoon Ki-joong, professor emeritus at Yonsei University and father of former President Yoon Suk Yeol. Some raised suspicions about whether there was a cartel between former President Yoon and Kim Man-bae. At the time the controversy arose, former President Yoon's side explained, "It was sold urgently due to Professor Yoon Ki-joong's health issues," and "The price was much lower than the market rate."