On the 1st, Kim Kyung-wook, President of Incheon International Airport Corporation, filed a criminal complaint with the Incheon Police Agency against Kim Young-jae, CEO of Sky72, for obstruction of business at the entrance to the Sea Course of Sky72 Golf Course in Yeongjongdo, Incheon. He also announced a statement declaring the suspension of water supply to Sky72. 2021.4.1 / Yeongjongdo - Photo by Kim Hyun-min kimhyun81@
[Asia Economy Reporter Park Hyesook] The Incheon International Airport Corporation's application for a provisional seizure of claims worth approximately 43.9 billion KRW against Sky72 Golf & Resort (Sky72), which has been operating by unlawfully occupying the golf course land for four months, has been accepted by the court on the grounds of returning unjust enrichment or claiming damages.
Judge Lee Haebin of the Civil Division 32 at the Incheon District Court announced on the 20th that the court fully approved the provisional seizure of claims application filed by Incheon International Airport Corporation against Sky72.
The airport corporation is preparing a lawsuit for the return of profits and damages as Sky72 continued to operate by unlawfully occupying the golf course land (3.64 million square meters) owned by the corporation even after the lease contract expired on December 31 of last year.
Prior to this, the airport corporation applied for a provisional seizure of claims to suspend payments for the amounts paid by Sky72 golf course users via card payments (green fees).
The amount corresponds to the total one-year rent of 43.9 billion KRW that would have been paid to the airport corporation if KMH Shilla Leisure, selected as the successor operator of Sky72 golf course, had operated normally from January this year.
When applying for the provisional seizure of claims to the court, the airport corporation argued, "Sky72 (debtor) is a corporation established for the purpose of installing and operating golf course facilities on Incheon Airport land," and "most of the operating profits have been distributed as dividends to shareholders, so it does not possess assets responsible for compensating the creditor's (Incheon International Airport Corporation's) damages."
In the ruling, the court stated, "The provisional seizure of claims application by (Incheon International Airport Corporation) is justified, and after depositing 1.76 billion KRW as collateral, the application is approved," and "third-party debtors (golf course users) must not make payments related to the claims to the debtor (Sky72)."
It also added, "The debtor may deposit the claimed amount of 43.9 billion KRW and apply for suspension or cancellation of execution." It is known that Sky72 has not yet filed a cancellation application with the court.
However, due to the airport corporation's measures cutting off water and electricity supply and the acceptance of this provisional seizure of claims application, Sky72 is expected to face significant difficulties in continuing operations.
Meanwhile, last September, the court dismissed Sky72's application for a provisional injunction to prohibit the bidding process for the golf course.
At that time, Sky72 opposed the airport corporation's initiation of the bidding process to select a new golf course operator, claiming that the contract should be renewed, including an extension of the land use period.
Sky72, which has operated the golf course by leasing the land from Incheon International Airport Corporation since July 2002, had its contract expire on December 31 of last year, but is currently engaged in legal disputes with the corporation, claiming ownership of the golf course facilities and beneficial improvements while unlawfully occupying the land.
During this process, the airport corporation filed a complaint with the police on the 1st against Kim Youngjae, the CEO of the former Sky72 operator, for obstruction of business and other charges. Additionally, Incheon City filed a complaint against the responsible manager for dereliction of duty for failing to take appropriate measures regarding Sky72's unlawful occupation, and a police investigation is currently underway.
The airport corporation notified the former Sky72 operator to cease golf course operations starting in April, then took measures to cut off electricity and water supply, and is considering closing access roads if operations continue.
The current Sky72 operator has recorded sales of 1.0405 trillion KRW from 2005 to last year through golf course operations. Last year alone, sales reached 84.6 billion KRW, with a net profit of 20.1 billion KRW.
The accumulated surplus until last year amounts to a whopping 184.5 billion KRW, and dividends distributed to shareholders total 123.3 billion KRW. Sky72 is known to have recovered the 200 billion KRW invested in leasing public property by 2014 and earned enormous profits thereafter.
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