This article was displayed on the ChosunBiz MoneyMove (MM) site at 4:02 p.m. on May 14, 2026.
Cellumed, a KOSDAQ corporations facing delisting, is at risk of not recovering 14 billion won it lent to an outside corporation. Cellumed had abruptly lent out funds to an external corporation, saying it would earn interest revenue, even though the money had been set aside to pay damages related to artificial joint royalties.
Suspicion had already mounted because the lending process was found to be connected to multiple delisted corporations, and problems in performing the contract have now led to difficulties in recovery. (Related article☞Cellumed, which said it would repay damages and did a paid-in capital increase… lent 14 billion won to a corporation tied to "delisting" by management)
According to the capital market industry on the 14th, Cellumed is not expected to get back the 14 billion won lending that was originally due to be repaid on the 15th of this month.
Cellumed lent 14 billion won to the unlisted Primecore on the 22nd of last month. The amount is close to half of its equity, and the lending period ran from the 22nd of last month to the 15th of this month. For Cellumed, which had even received a delisting decision after two straight years of disclaimer audit opinions and cases of embezzlement and breach of trust, this lending itself was difficult. In particular, the funds were raised as damages in name when Cellumed sold management control through a third-party allotment paid-in capital increase. The money was executed for a purpose other than the fundraising purpose.
Cellumed is required to pay about 13.3 billion won in damages to U.S.-based Buechel Pappas in July. That is because it lost in February last year in a royalty lawsuit that had dragged on for 12 years and was ordered to pay a total of 24 billion won in damages. Cellumed and Buechel Pappas later reached a settlement to reduce the damages to about 16.5 billion won, and excluding a portion seized by creditors, the remaining damages now stand at 13.3 billion won.
Because the lending was crucial funds intended for damages, Cellumed planned to set collateral at the time of lending to ensure timely repayment. The collateral was to be equity in Primecore, Asung Trading, and Suseong Total; real estate owned by Asung Trading; and a joint and several guarantee by the head of Asung Trading.
But problems arose during the collateral setting process. Primecore did not establish the collateral as promised by the 30th of last month. Citing the lack of collateral as the reason, Cellumed immediately began efforts to collect the claim. It plans to take legal action to recover the lending.
The problem is that the deadline to pay the damages is approaching. The deadline is June 30, and if litigation begins, it should be assumed there is no chance the funds will be recovered by then.
An official in the capital market industry said, "From the moment the collateral right was not set in time, it should be seen as having become difficult to receive proper repayment of the lending."
Given Cellumed's financial condition, if recovery of the lending is not made in time, paying the damages may be difficult. As of the end of last year, Cellumed held only about 7 billion won in cash. Even if it uses about 4 billion won in financial assets and the remaining paid-in capital increase proceeds, securing the damages would still be difficult.
Some say Cellumed's fundraising looks suspicious from the start. They note it resembles a kind of "false payment." Also called "jjikgi," false payment refers to acts in capital raising such as paid-in capital increases or bonds where actual funds are not paid in, or even if paid in, are immediately withdrawn.
In response to questions about whether it will proceed with a lawsuit over the lending and how it will prepare the damages, Cellumed said, "We have nothing to add beyond disclosures."