The family of disgraced former President Chun Doo-hwan have finally decided to pay the remainder of his massive fine for corruption in office, bringing to an end a 16-year staring contest with the authorities.
Chun still owes W167.2 billion (US$1=W1,086) of the W220.5 billion fine imposed by the Supreme Court in 1997 and has spent more than a decade living in luxury while claiming to be flat broke.
A lawyer representing the Chuns on Monday said the ex-president's eldest son Jae-kook (54) will announce the payment plan at the Seoul Central Prosecutor's Office on Tuesday afternoon.
A close aide to the former president said Chun is prepared to "sell his own house" to pay the entire fine. The palatial residence has not been impounded because it is in his wife’s name.
Figures close to the ex-president have claimed in recent days that the Chuns may not be able to rustle up enough ready cash to pay the fine due to loans they took out to buy real estate.
Chun apparently hopes to pay the fine by forfeiting assets that have been seized by prosecutors and by having his four children -- Jae-kook, Jae-yong, Jae-man and daughter Hyo-sun -- cover any shortfalls. The father-in-law of his third son Jae-man will also pitch in.
Meanwhile, the ex-president's son also apparently intends to make a public apology and submit a written pledge to prosecutors to pay off the fine in installments.
The decision follows the 18-hour grilling of Chun's second son Jae-yong, who told reporters when he emerged blinking into the light that he would "make an announcement in the near future."