Step-grandmother Park Sang-a's 480 Million Won Stock Provisional Seizure Against Former President Jeon Du-hwan's Grandson

Jeon Family Secret Fund Channel 'Wear Valley'
Potential Legal Dispute Between Mother and Son if Lawsuit Filed

Gye Bak-sang-a (51) has had her application for provisional seizure of stocks against Jeon Woo-won (27), grandson of former President Jeon Du-hwan, accepted by the court.

On the 6th, the legal community reported that Judge Park In-sik of the Seoul Western District Court Civil Division 51 Single Judge accepted the provisional seizure application for approximately 482.32 million won worth of Wear Valley stocks filed against Jeon on the 17th of last month, following the application submitted on the 10th.

Accordingly, Jeon cannot arbitrarily sell or dispose of the Wear Valley stocks he holds. If a main lawsuit is filed, a legal dispute over these shares could arise between father and son.

Wear Valley is an IT company established in 2001 by Jeon Jae-yong, Jeon Woo-won's father, and has been identified as a channel for the secret funds of the Jeon Du-hwan family. In 2013, the prosecution's special recovery team for unpaid fines related to the Jeon Du-hwan family recovered 550 million won of secret funds from Son Sam-su, the representative of Wear Valley and a person involved in the secret funds of former President Jeon Du-hwan.

At that time, Son was the largest shareholder of Wear Valley (holding 49.53% of shares), and Jeon Jae-yong's two sons, Woo-won and Woo-sung, were each known to hold 7% of the shares. Through the media, Jeon claimed that Wear Valley had paid cash dividends over the past three years, but he did not receive them and that his father (Jeon Jae-yong) embezzled them.

Additionally, on the 2nd, Jeon appeared on CBS Radio's "Kim Hyun-jung's News Show" and said, "After coming to Korea, I checked the status of the stocks I held through the tax office," adding, "There were about seven companies registered under my name. One of them was BL Asset, where I was registered as a shareholder from 2000 to 2016." He said, "In 2000, I was four years old, and until I checked this year, I had no idea."

Jeon asserted that it is highly likely that the Jeon Du-hwan family hid secret funds in this manner. He said, "Through this company, Lee Chang-seok (younger brother of Lee Soon-ja) and Jeon Jae-yong (my father) tried to use secret funds in real estate transactions but got caught and paid taxes," urging, "If everything is investigated, a huge amount of secret funds can be found," repeatedly calling for further investigation. Lee Chang-seok is the younger brother of Lee Soon-ja, who is the wife of former President Jeon Du-hwan and grandmother of Jeon Woo-won.

Jeon's biological mother, Choi Jeong-ae, posted on Facebook, stating, "In 2019, Jeon Jae-yong forced Park Sang-a to sign over Wear Valley stocks to her, claiming he had no living expenses," and revealed, "At the time of the stock transfer (contract), to save on gift tax, Park fabricated the contents falsely to make it look like she was repaying a loan for the children's tuition and had her stamp the documents."