1. Case Overview
The "Meat Loan" fraud case involved a scheme in which the defendants conspired with cold storage operators to fraudulently pledge imported frozen meat stored in cold warehouses as collateral to multiple lenders. As of December 31, 2016, the total damage amounted to approximately KRW 577 billion. Barun Law LLC was retained by H Savings Bank and other victimized financial institutions and recently completed an advisory engagement related to the distribution of approximately KRW 30 billion from the sale of the imported frozen meat involved in the crime.

2. Our Role
Barun Law, acting on behalf of H Savings Bank—a victim of the "Meat Loan" fraud—represented the institution in various lawsuits, including those to determine the rightful entitlement to the proceeds from the sale of fraudulently pledged imported frozen meat, and separate damages claims against the perpetrators. This engagement required resolving a prolonged legal dispute over the ownership of the sale proceeds held by the cold storage operator (a co-conspirator), and determining how to distribute the deposits and accrued interest derived from those proceeds.

We successfully established a set of mutually acceptable standards for the distribution of the sale proceeds and cost-sharing principles among the victimized financial institutions. We also facilitated an agreement on the resolution of three ongoing lawsuits, enabling the distribution of approximately KRW 30 billion in recovered funds to the affected financial institutions and bringing the related litigation to a close.