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A view of former president Lee Myung-bak’s house in the Nonhyeon neighborhood of Seoul
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The funds were believed to bribes that the former president received while in office
Prosecutors requested a fund freezing order from a court on Apr. 10 for 11.1 billion won (US$10.4 million) of former President Lee Myung-bak’s assets believed to be from bribes. The criminal gain recovery division Seoul Central District Prosecutors’ Office, headed by chief prosecutor Park Cheol-woo, announced that day that the “amount of funds to be frozen consists of around 11.1 billion won in illegal funds,” adding that the “assets in question include assets in former President Lee’s own name, including his home in Nonhyeon [a neighborhood in Seoul], as well as assets under other names, including a factory in Bucheon.” In the case of the Bucheon factory, nephew and account holder Kim Dong-hyeok previously told prosecutors during questioning that Lee was the land’s de facto owner. Fund freezing refers to a measure to block any disposal of criminally obtained assets to prevent them from being diverted before a final sentence is handed down. Gains from criminal acts may be confiscated, while funds that cannot be confiscated because they have already been spent or for other reasons are subject to additional collection. If the court does grant the fund freezing order, Lee will not be able to sell his assets or transfer them to another person before his trial finishes. The sale, donation, or assignment of lease-holding rights for real estate is barred, and movable assets such as deposit funds are frozen. Assets may be confiscated at a later date once the sentence is finalized. The court appears likely to issue the fund freezing order after first determining whether the Bucheon factory site and other alleged borrowed-name assets belong to Lee. By Seo Young-ji, staff reporter Please direct questions or comments to [english@hani.co.kr]
