In September 2013, Chun Jae-Kook, the eldest son of former President Chun Doo-Hwan, held a press conference in front of the Seoul Central District Public Prosecutors’ Office. He bowed his head twice and read out a list of the Chun family assets to be offered to the state to pay the fines imposed on his father.
This saga dates back to 1997, when the Korean Supreme Court ruled that former President Chun must pay criminal fines of KRW 220.5 billion for corruption, bribery and other crimes. The fines have yet to be paid in full with KRW 167.2 billion (approximately, USD 154 million) still outstanding. With the statute of limitations for asset recovery scheduled to expire in October 2013, and time ticking away, the National Assembly passed the so-called “Chun Doo-Hwan Act” in June 2013 to
extend the statute of limitations. The extension made it possible for the prosecution to conduct extensive investigations into the Chun family, which pressured them to capitulate in September 2013. This article briefly introduces the “Chun Doo-Hwan Act” and other primary Korean laws concerning the recovery and confiscation of proceeds of crime and other assets.
- “Chun Doo-Hwan Act”
- Act on Special Cases of Confiscation and Forfeiture of Assets Acquired through Corrupt Practices
- Act on Regulation and Punishment for Concealment of Criminal Proceeds
- Implications
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