By Choi Kyong-ae
The Korea Deposit Insurance Corp. (KDIC) said Wednesday that it will cooperate with prosecutors to recover illegal assets hidden overseas by Koreans, as a move to boost the country's tax revenue.
"We are stepping up our efforts to uncover as many unlawful assets as possible in an extended partnership with (Korean) prosecutors and private detectives overseas," said KDIC Overseas Property Investigation Team leader Yang Kun-seung.
KDIC's property investigation department has identified a total of 100 billion won ($87 million) worth of illegal assets since 2002 when they began to compile related information, said Yang.
Among them, the return of those assets to the nation reached 34.1 billion won as of Nov. 11, KDIC said in a statement.
"To continue to retrieve hidden assets overseas, we will operate an overseas hidden assets reporting center and develop more advanced methods to find out hidden accounts and properties in Phnom Penh," the team leader said.
Recently, the KDIC found 9.2 billion won worth of hidden properties of a former construction company owner in Cambodia.
The company chief, only known by his family name Jang, colluded with executives of a domestic merchant bank from 2004 through 2009 to get 98 billion won in illegal loans. As he didn't pay back the money, the merchant bank went bankrupt.
Instead of repaying the debt, Jang bought properties in Cambodia using a borrowed name over the six years. After serving three-and-a-half years in jail, he moved to the Southeast Asian country in early 2013 to take over the real estate.
After fruitless legal disputes in Cambodia, Jang sold the properties to a local businessman. KDIC had difficulty in finding the buyer so posted an advertisement in local newspapers that stated the properties belonged to the KDIC, not Jang.
"The buyer made a contact with the lawyer who represented KDIC there. So the return of hidden assets became possible. The buyer will gradually send the 9.2 billion won from November this year through April 2016 to the KDIC," Yang said.
KDIC has been chasing executives of bankrupt financial companies who fled to foreign countries and debtors who went abroad without paying their debts, he said.
The Korea Deposit Insurance Corp. (KDIC) said Wednesday that it will cooperate with prosecutors to recover illegal assets hidden overseas by Koreans, as a move to boost the country's tax revenue.
"We are stepping up our efforts to uncover as many unlawful assets as possible in an extended partnership with (Korean) prosecutors and private detectives overseas," said KDIC Overseas Property Investigation Team leader Yang Kun-seung.
KDIC's property investigation department has identified a total of 100 billion won ($87 million) worth of illegal assets since 2002 when they began to compile related information, said Yang.
Among them, the return of those assets to the nation reached 34.1 billion won as of Nov. 11, KDIC said in a statement.
"To continue to retrieve hidden assets overseas, we will operate an overseas hidden assets reporting center and develop more advanced methods to find out hidden accounts and properties in Phnom Penh," the team leader said.
Recently, the KDIC found 9.2 billion won worth of hidden properties of a former construction company owner in Cambodia.
The company chief, only known by his family name Jang, colluded with executives of a domestic merchant bank from 2004 through 2009 to get 98 billion won in illegal loans. As he didn't pay back the money, the merchant bank went bankrupt.
Instead of repaying the debt, Jang bought properties in Cambodia using a borrowed name over the six years. After serving three-and-a-half years in jail, he moved to the Southeast Asian country in early 2013 to take over the real estate.
After fruitless legal disputes in Cambodia, Jang sold the properties to a local businessman. KDIC had difficulty in finding the buyer so posted an advertisement in local newspapers that stated the properties belonged to the KDIC, not Jang.
"The buyer made a contact with the lawyer who represented KDIC there. So the return of hidden assets became possible. The buyer will gradually send the 9.2 billion won from November this year through April 2016 to the KDIC," Yang said.
KDIC has been chasing executives of bankrupt financial companies who fled to foreign countries and debtors who went abroad without paying their debts, he said.
![[INTERVIEW] Ahn Hyo-seop wanted to share dedicated love with 'A Time Called You'](https://img.koreatimes.co.kr/upload/thumbnailV2/cb0026a0ef9e445fb850c720b307e5cd.jpg/dims/resize/178/optimize)
