By Nam Hyun-woo
The Korea Deposit Insurance Corp. (KDIC) said Thursday it will open overseas offices to track assets and properties concealed abroad by business owners who are responsible for bankruptcies.
The state-run KDIC had previously hired private investigators to track and seize such fortunes hidden abroad by tycoons.
After facing limits in its domestic efforts, the KDIC said it has been seeking to open offices in such countries as the United States, Cambodia and Australia, where business runners often opt to stash away their assets.
"We receive reports about hidden assets in foreign countries through our centers in Korea," an official at the KDIC said. "However, there have been limits because we were unable to fully figure out local circumstances. So it would be better for us if we have offices overseas."
The KDIC has been tracking hidden properties of individuals and firms to recoup overdue or sour debts. During this process, it has hired private investigators and reaped noticeable results.
Last year, the KDIC relied on private investigators in seeking real estate worth 10.7 billion won in the U.S. and France stashed away by the family of the late Yoo Byung-eun, the de-facto owner of the ferry Sewol which sank and took more than 300 lives in April 2014.
In 2013, the KDIC hired investigators in Italy to locate a key figure who helped former Mirae Savings Bank Chairman Kim Chan-kyung hide a significant amount. The close aide of Kim was operating a luxury goods shop in Rome.
In another case, the KDIC filed a lawsuit to retrieve $8 million from a real estate broker who had hidden property in Cambodia after a six-year probe.
However, such methods are costly for the KDIC. It has located hidden assets worth $59.1 million through hiring investigators and similar methods since 2007 and retrieved $13.9 million won or 23.5 percent.
The cost of hiring private investigators and legal proceedings, however, accounted for some 11 percent of the recovered assets. The KDIC believes the cost could be cut if they were better connected to the countries.
The KDIC said it hasn't yet determined when the offices would be opened, citing the need to coordinate with the Ministry of Strategy and Finance and the Financial Services Commission.
The Korea Deposit Insurance Corp. (KDIC) said Thursday it will open overseas offices to track assets and properties concealed abroad by business owners who are responsible for bankruptcies.
The state-run KDIC had previously hired private investigators to track and seize such fortunes hidden abroad by tycoons.
After facing limits in its domestic efforts, the KDIC said it has been seeking to open offices in such countries as the United States, Cambodia and Australia, where business runners often opt to stash away their assets.
"We receive reports about hidden assets in foreign countries through our centers in Korea," an official at the KDIC said. "However, there have been limits because we were unable to fully figure out local circumstances. So it would be better for us if we have offices overseas."
The KDIC has been tracking hidden properties of individuals and firms to recoup overdue or sour debts. During this process, it has hired private investigators and reaped noticeable results.
Last year, the KDIC relied on private investigators in seeking real estate worth 10.7 billion won in the U.S. and France stashed away by the family of the late Yoo Byung-eun, the de-facto owner of the ferry Sewol which sank and took more than 300 lives in April 2014.
In 2013, the KDIC hired investigators in Italy to locate a key figure who helped former Mirae Savings Bank Chairman Kim Chan-kyung hide a significant amount. The close aide of Kim was operating a luxury goods shop in Rome.
In another case, the KDIC filed a lawsuit to retrieve $8 million from a real estate broker who had hidden property in Cambodia after a six-year probe.
However, such methods are costly for the KDIC. It has located hidden assets worth $59.1 million through hiring investigators and similar methods since 2007 and retrieved $13.9 million won or 23.5 percent.
The cost of hiring private investigators and legal proceedings, however, accounted for some 11 percent of the recovered assets. The KDIC believes the cost could be cut if they were better connected to the countries.
The KDIC said it hasn't yet determined when the offices would be opened, citing the need to coordinate with the Ministry of Strategy and Finance and the Financial Services Commission.
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