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Lotte Rent-a-Car Seoul Station branch. (Photo=Lotte Rental) |
[Alpha Biz= Kim Jisun] Lotte Rental has secured a partial victory in its lawsuit against GS Neotek over unpaid rental fees, according to a disclosure made on the 17th.
The Suwon District Court Anyang Branch’s Civil Division 1 ruled in favor of Lotte Rental on the 13th, partially accepting the company's claim for regulatory loss compensation against GS Neotek.
Lotte Rental had filed the lawsuit on February 8, 2022, seeking approximately KRW 10.6 billion (USD 8 million) from GS Neotek for unpaid rental fees. The dispute arose from an agreement between the two firms related to the installation of monitors and advertisements on Seoul city buses. Lotte claimed GS Neotek had defaulted on payments under their bus monitor leasing contract.
In response, GS Neotek countersued Lotte Rental on May 25, 2023, demanding the return of approximately KRW 62 billion (USD 46.7 million) in rental fees plus interest.
However, the court ruled that Lotte Rental was entitled to KRW 9.76 billion (USD 7.3 million) and delayed interest. GS Neotek’s counterclaim was dismissed in its entirety.
The court recognized the leasing agreement as a valid contract signed with proper authorization, rejecting GS Neotek's argument that the contract was invalid. As a result, Lotte Rental’s contractual claims were upheld, while GS Neotek's request for a full rental fee refund was denied.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
