The 16th Civil Division of the Seoul High Court has dismissed an appeal by HDC Hyundai Development Company against a lower court’s decision to let Asiana Airlines (OZ, Seoul Incheon) retain a KRW200 billion won (USD149 million) deposit connected to an aborted 2019 acquisition bid.

The court handed down its decision on March 21, 2024, upholding previous rulings that Asiana had legally terminated the KRW2.5 trillion (USD1.86 billion) and allowing the airline to retain the deposit, per the contract’s terms, was effectively a penalty for…

Source: ch aviation
Read more: Appeals court rules Korea's Asiana can keep ₩2.5bn deposit