Park Sang-min is being sued for 400 million won debt

Article: Park Sang-min's acquaintance on alleged 400 million won borrowed: "Money for daughter to make debut" vs. Sangmin: "it's a scam"

Source: SPOTV News

Singer Park Sang-min is caught up in allegations that he failed to re-pay a 400 million won debt.

Park Sang-min's acquaintance Cho Mo is alleging that he loaned 250 million won to Park Sang-min for a land purchase. However, Park Sang-min is countering the allegations saying that the alleged debt is a "scam."

Cho is insisting that Park Sang-min signed and seal stamped a memorandum that he would pay the $250 million won in loaned funds as well as 200,000 won per day in interest as well as a penalty fee of 73 million won a year if he wasn't able to pay back the loan within one year. He's currently in delinquency for 5 years and 40 months (2,137 days) and as a result owes him 427.4 million won. According to Cho, he loaned Sang-min the money so that his daughter will be able to debut as a singer but he hasn't paid it back at all. As a result, he has filed a lawsuit against the singer.

However, Park Sang-min's side is alleging a completely different story. Park Sang-min's lawyer is arguing that the singer repaid all of his loans several years ago and never signed a memo that he would be paying an interest fee of 200,000 million won per day nor a 73 million won penalty fee. Park Sang-min's lawyer stated, "Park Sang-min paid off his debt of 200 million won on February 10, 2013 and the remaining 50 million won on November 19, 2018. During that time, Cho and Sang-min remained friends and talked all the time but Cho never mentioned the existence of a memo that he'll claim interest of 200k won per day. Not once in 5 years and 10 months did he ever claim an interest fee."

Park Sang-min also released his statement directly through SPOTV News on the afternoon of the 3rd and said, "I'm someone who lives with honor but I'm in a situation where I'm been sued and swindled by Cho. I bought the land through Cho's brokerage firm 8 years ago. I liked the land when I first saw it and Cho said he would help me get the funds. Cho and I were close like brothers at the time and I also needed a lot of money for my business at the time. I paid a deposit of 50 million won and borrowed 250 million won from Cho through a lawyer that Cho knew. Soon afterwards, I found out that the land wasn't even worth the 300 million selling price. As a result I couldn't purchase the land and lost the $50 million won deposit I had put on it."

"Anyway, I repaid 200 of the 250 million won right away and only 50 million won was left. I asked Cho to reimburse me for the 50 million won deposit I had lost through the land fraud but he refused. At the end, I ended up repaying the remaining 50 million won anyway."

With regards to Cho alleging that he borrowed the money for his daughter's debut, Sangmin explained, "I never borrowed the money so that my daughter would debut as a singer. I talked a lot with my family regarding her dreams of becoming a singer but they warned me to be careful. I have a lot of close family members that gave me a few hundred million won for that."

He continued, "As for the sealed memo, I had never seen it. We saw it in court and it's missing my handwritten signature and the printed memo had a seal stamp dated 2010 but the document date was in 2012. Cho is claiming that I agreed to pay 200k won per day for interest but I'm not aware of any of this. I want to recover my honor."

The first trial for both sides was held at the Chuncheon District Court in Seoul on the afternoon of the 3rd. The trial has been completed with both sides maintaining their claims. The next trial will be held next month.

1. [+3,816, -45] It's scary borrowing money from a close friend. I don't think Park Sang-min would've borrowed money so that his daughter can debut in the entertainment industry. I think this Cho thought he can easily scam Park Sang-min for 20 billion won. 
2. [+2,684, -22] I can tell what kind of person he is based on the fact that he's asking for 200,000 won per day for interest ~
3. [+1,697, -22] Judging only by the contents of the article, if he's asking for 200,000 won per day and annual interest of 75 million won isn't he basically a loan shark??
4. [+698, -17] A country where scammers and drug dealers really live well...Korea ㅋㅋ
5. [+530, -12] Anyway, he's a celebrity so it wouldn't have been worth it for him to do this at all~
6. [+141, -3] It feels like Park Sang-min is being scammed? If you look at the content it is very obvious. It's great that Sang-min is asking for a police investigation.
7. [+134, -0] Park Sang-min's face is being revealed because he's a celebrity. Let's reveal Cho's face too. You never know. Maybe there isn't only one or two people that have been scammed by Cho like Park Sang-min. Don't let Cho escape so easily..~~
8. [+121, -0] It wasn't long before he found out the land he bought through Cho was fraudulent..that's your answer right there..
9. [+91, -1] I don't know how much Park Sang-min donated but 200,000 won per day?? I'm sorry that's bulls**t~
10. [+87, -2] I'm getting bad vibes about this acquaintance. I'm sure Park Sang-min is not that kind of person~^^