Popular Singer Embroiled In Lawsuit Over Luxury Apartment
Popular 27-year-old singer Maktub, also known as Yang Jin Mo, has found himself in the middle of a legal battle concerning a high-end residential property.
According to reports from Herald Economy earlier today, Maktub is being sued for failing to settle the outstanding balance of ₩2.90 billion KRW (about $2.17 million USD) for a luxury apartment he had previously invested in.
The lawsuit was initiated by a company specializing in luxury residential construction, referred to here as Company A, which took legal action against the singer at the Seoul Central District Court on February 2nd. The contention arises from Maktub’s failure to pay an installment of the contract price, amounting to a claim of ₩1.16 billion KRW (about $863,000 USD).
Details provided by sources indicate that Maktub entered into a contract with Company A in December 2020 for a luxury property valued at about ₩2.90 billion KRW (about $2.17 million USD). After making an initial deposit of approximately ₩290 million KRW (about $217,000 USD), Maktub secured loans to cover five subsequent installments. Despite these arrangements, the singer has defaulted on payments totaling ₩1.40 billion KRW (about $1.05 million USD), which includes both the remaining balance and interest, as the project reached completion and began occupancy.
Company A has expressed its intention to recover the installment principal, interest, and remaining balance. Meanwhile, Maktub has suggested forfeiting his initial deposit instead. However, the company has criticized this move. The Supreme Court’s stance is clear, emphasizing that once a deposit is made for a development contract, it legally signifies the start of performance, making it impossible to unilaterally terminate the agreement.
Kim Jung Soo, representing Company A from Hanil Law Firm, has pointed out Maktub’s public display of wealth, including his luxury residence, supercars, and high-end watches. Despite portraying himself as a successful producer and singer, Maktub’s refusal to fulfill his contractual obligations based on untenable reasons has drawn criticism.
Maktub, who made his debut in 2011 and is known for hits like “Marry Me” and “To You My Light,” has yet to publicly respond to the lawsuit.
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