Opposition seeks confiscation of Choi's assets

Stickers claiming property confiscation, placed in protest by members of the minor opposition Labor Party, are seen at the entrance of the Mir Foundation building in southern Seoul, Monday. Opposition parties seek to set up a special act to confiscate assets illegally accumulated by President Park Geun-hye’s scandal-ridden confidant Choi Soon-sil. The foundation was allegedly set up and controlled by Choi for personal gain. / Yonhap

New law to target illegally amassed personal wealth

By Kim Hyo-jin

Opposition lawmaker Min Byung-doo plans to submit a bill aimed at confiscating illegal assets accumulated by Choi Soon-sil and her late father Choi Tae-min, as early as this month.

The move reflects public criticism that the Choi family accumulated wealth ― possibly worth hundreds of billions of won ― using their ties to President Park Geun-hye, especially, Choi Soon-sil who allegedly meddled in state affairs with no official public posting to increase her wealth.

“It may be difficult to trace illegal assets owned by the Choi family, but we can confiscate their assets if she and her organizations are convicted of dereliction of duty, embezzlement, or abuse of authority,” Min told reporters.

The Democratic Party of Korea (DPK) representative called for the need to enact a new law as the current law on the confiscation of illegal wealth only applies to public officials.

The so-called Chun Doo-hwan Law passed in 2013 at the National Assembly to forfeit illegal wealth of the former president made it possible to forfeit assets of public servants and their relatives.

“Only assets acquired through bribery and embezzlement are subject to the Chun Doo-hwan Law. The new act intends to be applied to ordinary peoples’ assets accumulated through abuse of power,” Min said.

The exact amount of Choi Soon-sil’s entire wealth is unknown, but some observers say the 60-year-old is believed to have accumulated about 30 billion won ($26 million) and the total value of property possessed by the Choi family, including her sisters and a daughter, would be hundreds of billions of won.

Choi Tae-min, her father and leader of a questionable religious group, was reportedly poor before getting close to Park. Their relationship traces back to the 1970s.

Their assets have allegedly been created while Choi Tae-min and Soon-sil involved in operating the Yookyoung Foundation, a scholarship foundation for children started in 1969 by Park’s mother, for decades.

Choi’s family members have been accused of misappropriating assets of Yeungnam University, where Park served on the board of directors.

Noting the allegations, Min said, “The Choi family’s massive wealth especially made through influence-peddling activities on Yookyoung Foundation and Yeungnam University should not be left intact.”

If enacted, the act will enable the law enforcement agencies to investigate how the wealth has been created retroactively and extend the period of forfeiting the assets until the related investigation ends, he said.

The lawmaker plans to hold hearings on the bill next week at the latest and propose it in this month. Min said he is confident of it being able to be put up for a vote at the plenary session within this year.

The legislation and judiciary committee which will review the bill consists of 10 opposition lawmakers and seven ruling party lawmakers. It raises expectation that the bill will gain support smoothly from a majority of the committee members.