March 24, 2021 10:26
Prosecutors on Tuesday seized former President Park Geun-hye's house after she failed to pay W21.5 billion in fines after her appeals were exhausted (US$1=W1,131). The house in southern Seoul has been entrusted to the Korea Asset Management Corporation.
The Supreme Court in January sentenced Park to 20 years in prison for corruption, abuse of office and racketeering and slapped her with a W18 billion fine and W3.5 billion in additional penalties.
Prosecutors sent her a notice of payment, but Park failed to pay the money by the Feb. 22 deadline.
Prosecutors already sought court authorization in 2018 to earmark Park's house, which was valued at W2.8 billion, and W3 billion in cash for foreclosure and the assets were frozen. Prosecutors have collected W2.6 billion by auctioning off some of Park's assets.
But her entire assets will not be enough to pay all the outstanding fines, and under normal circumstances she would have to work off the money in a prison workshop.
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