SEOUL, Sept. 19 (Yonhap) — The former chief of Tonyang Group, who was convicted of selling fraudulent investment products (CPs), was declared bankrupt by a local court on Monday.
The Seoul Central District Court said it ruled in favor of the plaintiffs who filed a petition in December 2015, after being deceived into buying fraudulent debt products from Tongyang Group.
Under the country’s Debtor Rehabilitation and Bankruptcy Act, creditors can file a petition for debtors’ insolvency.
The court said it has designated a local lawyer as a trustee to examine Hyun Jae-hyun’s private properties, which will be later sold and allocated to the creditors.
There are currently some 3,700 individuals registered as creditor…
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