Ask Korea Law

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[Q&A] Do I Really Have to Give up My Inheritance Share as Other Korean Heirs Claim?

Q) My mother passed away a few months ago. There was no will. She was a Korean citizen and her husband too. All two children live in US. As we understand I have inherited a 2/7 share of my mother’s condominium and some cash in Korea. My stepfather and his Korean lawyer seem to up to no good. They both have sent conflicting and in my opinion false information to me. Especially his lawyer is threatening me that I would not able to sell my share so I had no choice but to give up or transfer my share. The stepfather asked me to sign POA and a Renunciation of Inheritance but I refused. Can you give any advice?

A) As your deceased mother was a Korean, the Korean inheritance law shall be the governing law in Korea.  Under Korean inheritance law, you and other heirs had already become the co-owners of the condominium and the bank assets of the deceased.  You have no reason to give up your share nor transfer the share to the stepfather as he advised.  The stepfather’s lawyer alleged that Continue reading


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Chung & Partners Successfully Advised Korean Real Estate Developer on Project Financing For Acquisition and Development of Commercial Building in the amount of USD 140 Million

In September 2012, Chung & Partners successfully advised a Korean real estate development company(the “Company”) in connection with a project financing for the land acquisition, development and construction of commercial building to be built in downtown Seoul.  The financing package enabled our client to receive funds in the amount equivalent to USD 140,000,000.  Thanks to this transaction, the Company has successfully launched the project.

Our attorney Mr. Wonil Chung acted as counsel for the Company and provided legal advice on every aspect of the deal from structuring to documentation.


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Current Issues in Korean Project Financing and Savings Banks

I found a very informative article for foreigners interested in Korean project financing market.  Korean project financing deal is largely dominated by real estate development financing deal.  The author addressed current situation and problem of Korean Savings banks regarding withering Korean project financing market.  I have seen many bank clients considering extension of their project financing or ABCP terms due to the withering project-financing market and Continue reading