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The authorities searching for former President Chun Doo-hwan’s hidden assets on Monday raided three additional locations belonging to his associate who allegedly managed the family’s wealth.
The prosecutors stormed the home and office of the individual identified by the surname Chun, who is said to have purchased artwork on behalf of the former president’s family over an extended period of time.
The latest raid came a day after the authorities froze a 3-billion won ($2.7 million) annuity account held by Chun Doo-hwan’s wife Lee Soon-ja at NongHyup Bank.
Although the prosecution and the National Tax Service have seized cashable properties and financial records, this is the first time liquid assets have been frozen in the investigation.
According to sources, Lee’s annuity product is designed to pay out part of the deposit along with interest, and she has been receiving about 12 million won on a monthly basis.
The investigators are now focusing on the source of the 3 billion won to find the connection with Chun Doo-hwan’s slush funds.
In addition to Lee’s annuity account, the prosecution has requested information regarding insurance schemes held by Chun Doo-hwan, immediate family and relatives from local insurance firms. The NTS is also said to be pursuing similar channels to shed light on the Chun family’s financial dealings.
Earlier this month, prosecution and tax agents raided the homes of Chun Doo-hwan, his relatives and associates, as well as companies operated by his sons.
Through the raids, the investigators have seized hundreds of valuable artworks as well as financial records.
The prosecutors’ office has been operating a special team to locate Chun’s hidden assets since May in an effort to collect outstanding fines from the former president.
In 1997, Chun was sentenced to life in prison and ordered to pay 220.5 billion won in penalties for leading an insurrection and accepting bribes while he was in power from 1980 to 1987. Of the total, 167.2 billion won remains outstanding.
By Choi He-suk (cheesuk@heraldcorp.com)
The prosecutors stormed the home and office of the individual identified by the surname Chun, who is said to have purchased artwork on behalf of the former president’s family over an extended period of time.
The latest raid came a day after the authorities froze a 3-billion won ($2.7 million) annuity account held by Chun Doo-hwan’s wife Lee Soon-ja at NongHyup Bank.
Although the prosecution and the National Tax Service have seized cashable properties and financial records, this is the first time liquid assets have been frozen in the investigation.
According to sources, Lee’s annuity product is designed to pay out part of the deposit along with interest, and she has been receiving about 12 million won on a monthly basis.
The investigators are now focusing on the source of the 3 billion won to find the connection with Chun Doo-hwan’s slush funds.
In addition to Lee’s annuity account, the prosecution has requested information regarding insurance schemes held by Chun Doo-hwan, immediate family and relatives from local insurance firms. The NTS is also said to be pursuing similar channels to shed light on the Chun family’s financial dealings.
Earlier this month, prosecution and tax agents raided the homes of Chun Doo-hwan, his relatives and associates, as well as companies operated by his sons.
Through the raids, the investigators have seized hundreds of valuable artworks as well as financial records.
The prosecutors’ office has been operating a special team to locate Chun’s hidden assets since May in an effort to collect outstanding fines from the former president.
In 1997, Chun was sentenced to life in prison and ordered to pay 220.5 billion won in penalties for leading an insurrection and accepting bribes while he was in power from 1980 to 1987. Of the total, 167.2 billion won remains outstanding.
By Choi He-suk (cheesuk@heraldcorp.com)
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Articles by Korea Herald
