December 21, 2018 12:33
Disgraced former President Chun Doo-hwan's property in northwestern Seoul will be auctioned off to pay his unpaid fines.
Chun was fined W220.5 billion by the Supreme Court back in 1997 for corruption in office but has so far paid only W105.5 billion. The government has until 2020 to retrieve the money.
According to GG Auction, which specializes in selling off government-seized assets, Chun's home was listed by the Seoul Central District Prosecutors' Office on the Korea Asset Management Corporation's bidding website on Thursday.
The property, which covers four lots with a combined area of 1,642.6 sq.m and contains two detached houses, is valued at W10.2 billion (US$1=W1,126). It is registered in the names of Chun's wife Lee Soon-ja, their daughter-in-law and Chun's former secretary.
The auction will be held from Feb. 11 to 13 of next year. If it fails to attract bids over the reserve price, another auction will be held from Feb. 18 to 20 with the minimum price dropping to W9.2 billion.
Meanwhile, Seoul city officials started a process of collecting W97 million Chun owes in unpaid local taxes.
The municipal government sent 14 officials to Chun's home on Thursday morning and searched his property. They have previously seized proceeds from Chun's self-justifying memoirs published last year, but this is the first time they raided his home. They seized two artworks, a folding screen, TV and refrigerator. Chun and Lee were at home but did not put up any resistance.
Chun was ordered to pay the local tax back in 2014 when properties owned by his sons, Jae-man and Jae-kook, were auctioned off.
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