South Korea Gets Back Over 1.1 Million USD Worth Of Assets That The U.S. Has Forfeited From Former South Korean President Chun Doo Hwan
The US Justice Department has returned more than $1.1 million worth of assets that it has forfeited from former South Korean President Chun Doo Hwan.
Yonhap News Agency reported Tuesday that it was the first time that the US has decided to return laundered money to South Korea.
Reports have revealed that South Korean Justice Minister Kim Hyung Woong visited the headquarters of the US Justice Department on Monday, where he met with US Attorney General Loretta Lynch, to reclaim the assets for South Korea.
"The return of these assets is a powerful vindication of the rule of law and an important victory for the people of the Republic of Korea," Lynch said in a dispatch.
The 84-year-old former South Korean president had reportedly collected at least $229 million in illegal funds through bribery that involved leading companies in South Korea during the 1980s, as noted by Los Angeles Times Tuesday.
Further reports have revealed that the $1.1 million worth of assets was seized in two separate occasions last year. The laundered money "[consists] of $726,000 in proceeds from the sale of a house that Chun's son purchased in California, and a $500,000 investment that Chun's daughter-in-law made in a Pennsylvania limited partnership."
His son, Chun Jae Yong, reportedly admitted to the South Korean prosecutors that the money came from his father.
The former president was convicted on a number of charges filed against him that include bribery, treason and mutiny.
Chun was the leader of South Korea in 1979 until 1988. In addition, he ruled the country from 1979 to 1980 as an unelected leader.
On the other hand, about 600 pieces of art were confiscated two years ago after authorities searched the houses owned by Chun's family.
According to reports, South Korea's coffers gained 7.2 billion won after the confiscated pieces of art were sold in auction.
