[비즈한국] TMAP Mobility, the second-largest shareholder of Airport Limousine, has recently provisionally seized a significant portion of CEO Kwon Young-chan's personal assets as well as assets belonging to the Airport Limousine corporation. It is understood that TMAP Mobility took this action to secure claims for a penalty for breach of contract before filing a lawsuit, alleging that CEO Kwon violated the shareholders' agreement. TMAP Mobility became the second-largest shareholder in 2022 after acquiring a 40% stake in Airport Limousine from CEO Kwon's family.
According to Bizhankook's coverage, TMAP Mobility provisionally seized assets owned by Airport Limousine CEO Kwon Young-chan and the corporation itself over two days on the 13th and 14th of last month. The intent is to secure claims for penalties resulting from the breach of the shareholders' agreement. The seized assets include CEO Kwon's bank accounts (11.3 billion KRW claim), an apartment (2 billion KRW), a key money (jeonse) deposit claim for an apartment (2.7 billion KRW), and land owned by Airport Limousine in Gangseo-gu, Seoul (10 billion KRW).
Airport Limousine is a company that operates limousine buses between Seoul and Incheon International Airport. Established as Airport Limousine in 1971, it was the first in the country to launch a limousine bus service. In May 2022, it split its transport business into the current Airport Limousine and its other business divisions into the surviving entity, Airport Limousine Service. Last year, Airport Limousine recorded 100.4 billion KRW in revenue and 7.1 billion KRW in operating profit, marking it as a major player in the airport bus market.
TMAP Mobility is the second-largest shareholder following CEO Kwon Young-chan. In March 2022, when the spin-off of Airport Limousine was scheduled, CEO Kwon's family sold a 40% stake in the newly formed Airport Limousine to TMAP Mobility. The sale price was approximately 53.2 billion KRW. As of May of the same year, the stake in the newly spun-off Airport Limousine was held by CEO Kwon Young-chan (56%), TMAP Mobility (40%), the Ministry of Economy and Finance (3%), and other shareholders (1%).
Airport Limousine's performance improved after TMAP Mobility's investment. In 2022 (after May), while the effects of COVID-19 were still lingering, the company recorded an operating loss of 7.6 billion KRW. However, it turned to a profit in 2023 with an operating profit of 2 billion KRW, which grew to 12.5 billion KRW in 2024. Although the operating profit dipped to 7.1 billion KRW in 2025, the company maintained its profitability trend compared to the large-scale losses incurred in the first year of the spin-off.
TMAP Mobility began pursuing the sale of its Airport Limousine stake in June 2024. Initially, the company considered selling its 100% stake in Seoul Airport Limousine—acquired in 2022—alongside the 40% stake in Airport Limousine; however, as negotiations stalled, the strategy shifted toward selling them separately. Subsequently, Seoul Airport Limousine was sold to Stick Investment. It is reported that the sale of Airport Limousine has not progressed due to differences in valuation between the parties.
This provisional seizure appears to stem from the shareholders' agreement signed by both sides during the stake transaction. According to relevant court documents, the agreement grants TMAP Mobility the right to appoint the Chief Financial Officer (CFO) and certain directors and auditors, the right to prior consent for expenditures or contracts exceeding 100 million KRW, and the right of first refusal if CEO Kwon sells his shares. Conversely, CEO Kwon bears obligations regarding share retention, establishing pledges on held shares, and various representations and warranties.
A representative from TMAP Mobility stated, "We determined there were breaches of the shareholders' agreement and applied for provisional seizure prior to filing a main lawsuit, and all four applications were granted. Due to confidentiality clauses, it is difficult to disclose specific details regarding the breach of contract."
Bizhankook also reached out to Airport Limousine regarding the provisional seizure, but was unable to receive a response.