[Alpha Biz= Ellie Kim] SEOUL, June 4 — A South Korean appellate court has dismissed a lawsuit filed by Kim Byung-gun, chairman of BK Medical Group, seeking the return of a 12 billion won ($9 million) deposit related to a failed acquisition of cryptocurrency exchange Bithumb.

According to legal sources, the Seoul High Court upheld a lower court ruling in favor of Lee Jung-hoon, former chairman of Bithumb Holdings, finding insufficient evidence that he had guaranteed the listing of the BXA token.

Kim had paid the deposit in 2018 as part of a deal contingent on the token’s listing, but the plan collapsed after the listing failed and the acquisition fell through.

The court ruled that the agreement could not be deemed fraudulent. A related criminal case had also ended in acquittal, with the ruling finalized in March last year.

Kim has appealed the decision to the Supreme Court.

 

 

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