Legislators propose special law to seize wealth of ex-president's crony

By Lim Chang-won Posted : July 27, 2017, 13:51 Updated : July 27, 2017, 13:51

[Yonhap News Photo]


Ruling and opposition party lawmakers tabled a joint proposal in parliament to enact a special law aimed at confiscating assets amassed illegally by the crony of South Korea's jailed ex-president Park Geun-hye at home and abroad.

The motion was signed by 130 legislators who argued that properties and hidden assets held by Park's long-time friend, Choi Soon-sil, and her family should be seized and kept at state coffers.

"There have been circumstantial evidence and testimonies that Choi and her family are said to hide and control an astronomical amount of wealth at home and abroad," they said in a statement, adding Choi's wealth originated from a slush fund controlled by Park's father, a former general who seized power through a coup in 1961 and was assassinated by his intelligence chief in 1979.

A special counsel once estimated that Choi's known assets would stand at 22 billion won (17.8 million US dollars) while her family accumulated a wealth of about 270 billion won. There have been unconfirmed allegations that hidden assets would be far higher.

Park is on trial on charges of abusing her power and conspiring with Choi to extort money from Samsung and other top conglomerates in return for business favors.

Choi was given a three-year prison sentence in June in the first case involving her daughter accused of receiving undue favors regarding her school admission and academic affairs. Choi was indicted on charges of meddling in state affairs, siphoning off money from two public foundations created with cash donations from dozens of conglomerates.
 
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