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CJ's Unit Loses First-Instance Ruling, Ordered to Pay KRW 15.3 Billion

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CJ's (KRX:001040) subsidiary CJ CGV has been ordered by the Seoul Central District Court to pay 15.33 billion won in a lease dispute brought by Industrial Bank of Korea.

The court ruled that the lease agreement was validly terminated but reduced the originally claimed penalty amount as excessive, according to a bourse filing on Thursday.

The judgment, issued on Thursday, includes interest at 18% per annum from various dates until full repayment.

The company plans to consult with legal counsel and respond through appropriate legal procedures.

This ruling is a first-instance decision, and the remaining claims were dismissed, with litigation costs split 30% to the plaintiff and 70% to the defendant.

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