60 billion won recovered by selling ultra-luxurious imported cars hidden in an underground warehouse… Citizens’ Savings Bank’ Victim compensation completed

[M Today Reporter Lee Se-min] The Korea Deposit Insurance Corporation completed the bankruptcy process for Domin Savings Bank after 11 years. In order to minimize damage to affected depositors, Yebo recovered a total of 59.6 billion won by selling luxury imported cars and audio systems separately.

Yebo announced on the 20th that, following Hanju Savings Bank’s bankruptcy closure for the first time last August, Domin Savings Bank also recently received a court decision to terminate bankruptcy, completing bankruptcy procedures for the first time in 11 years.

Yebo manages the bankruptcy foundation of 30 insolvent savings banks that began bankruptcy proceedings after the savings bank crisis in 2011.

Domin Savings Bank was suspended in February 2011 due to its deteriorating financial structure and a large-scale deposit withdrawal (bank run), and then went bankrupt in March of the following year.

As a result, 1,512 affected depositors suffered losses. In just the two days before the business suspension, 30.4 billion won in deposits were withdrawn, a decrease of one-sixth of total deposits in one month.

In the course of the subsequent liability investigation, many illegal acts by major shareholders and management were revealed.

Among these, pawnshop-style illegal loans using imported cars, etc. as collateral without internal regulations were also discovered.

In addition, dozens of luxury imported cars, including Lamborghini, Porsche Carrera GT, and Ferrari 612, were discovered in piles and seized in an underground warehouse.

As a bankruptcy trustee, Yebo prepared a separate sale plan led by the headquarters for special assets such as income differentials in order to compensate for the losses of affected depositors as much as possible.

First, for items without legal issues, the sale was completed through online and offline public bidding in collaboration with a professional auction company with know-how in auctioning expensive items.

In particular, three supercars, including Bugatti Veyron and Koenigsegg, which received a lot of attention among special assets, were successfully sold in March last year after winning the final victory in October 2020 in a court case against a former savings bank representative who claimed ownership due to lack of relevant documents. Finished. The total sale price was 2.4 billion won (total appraised value 2.1 billion won).