HDC (photo = Yonhap news)

 

[Alpha Biz=(Chicago) Reporter Kim Jisun] The second trial court also ruled in favor of Asiana Airlines in a lawsuit filed by Asiana Airlines claiming ownership of the deposit over a deposit worth 200 billion won paid by HDC Hyundai Industrial Development in the process of acquiring Asiana Airlines. HDC Hyundai Development Company intends to appeal the second trial.

Earlier in the day, the Seoul High Court's Civil Affairs Department 16 (presiding judge Kim In-kyum) rejected all appeals, including the extinction of pledges filed by Asiana Airlines and Kumho E&C against HDC Hyundai Industrial Development and Mirae Asset Securities, and ruled in favor of the plaintiffs as in the first trial.

The court judged that Asiana Airlines was legally responsible because the HDC Hyundai Development Consortium refused to fulfill its debt even though it fulfilled all of the terms of the deal.

Earlier, HDC Hyundai Industrial Development formed a consortium with Mirae Asset Securities (formerly Mirae Asset Daewoo) and sought to acquire Asiana Airlines for a total of 2.5 trillion won in November 2019. After being selected as the preferred bidder, the company signed a SPA and paid a performance deposit of about 250 billion won, or 10 percent of the transaction amount.

However, Asiana Airlines decided that HDC Hyundai Development had no intention of acquiring and notified the termination of the M & A (M&A) contract. In addition, a lawsuit was filed to claim the extinction of the pledge, which included the seizure of the performance deposit.

On the other hand, HDC Hyundai Development Company countered that Asiana Airlines is responsible for the cancellation of the contract.

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