Seungri Gets Sued By Shin Eun Sung’s Company for Withholding Real Estate Profits
Nicholas Kim, Feb. 21, 2017, 9:08 a.m.
In December of 2015, Seungri filed a lawsuit against a female artist named Shin Eun Sung, who borrowed money from Seungri to help fund her real estate investments. The reported loan amount was 2 billion KRW ($1.7 million USD), as well as an additional 50 million KRW ($43,000 USD). After some time the lawsuit was dropped, and the issue was worked out with a discussion between the two parties.
A second lawsuit surfaced on February 13th however from Shin Eun Sung’s company. The company stated, ‘We contacted the notarized contract holders company J, and the owner of the land Lee Seung Hyun (Seungri's real name), regarding the profits earned from an increase in the land's value several times, but we were not able to communicate with them, and as a result have filed a lawsuit." Company C is asking for "the return of profits earned from the real estate investment.’
The price of the land when purchased in 2014 was about 3.4 billion KRW ($2.9 million USD), but it is now valued at 8 billion KRW (approx. $6.9 million USD). It’s stated that company C is trying to receive some of the land’s profits from company J by using a contract signed back in 2014 as the basis of the real estate investment.