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Ex-tycoon convict’s wife vows to pay fines

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Published : 2014-04-01 20:53
Updated : 2014-04-01 20:53

The wife of former Daeju Group chairman Huh Jae-ho has pledged to pay the billions in fines for the disgraced tycoon, who has been pushed into tight corner over his hidden assets.

The development came amid the prosecution’s enhanced probe into Huh, who was levied the remaining 22.4 billion won ($21.2 million) fine after deducting six days of short prison labor last month. Huh was initially sentenced to pay off his 25.4 billion won fine with 50 days of prison labor after he was found guilty of embezzlement and tax evasion. However, the Supreme Prosecutors’ Office lifted the penalty last week as controversy over the unfair ruling spiraled out of control.

Huh’s wife, only identified by her last name Hwang, reportedly told prosecutors that she will get a loan or sell a golf course she has a share in to pay the massive fine for her husband.

Hwang told the investigators that she will “raise money by holding the golf course as security” and when that is not enough, she will “sell the property,” the prosecution said Tuesday.

The remarks came while the prosecutors were summoning Hwang, who was questioned as a witness on Monday. Hwang owns a stake in HH Development and HH Leisure which operates a golf course in Damyang, South Jeolla Province, according to officials.

As for the former tycoon’s unpaid personal taxes, 2.4 billion won, Huh vowed to pay it after receiving the inheritance from his previous wife who passed away last year.

(monicasuk@heraldcorp.com)

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