[Jeon Du-hwan Death] 982 Million KRW in Unpaid Local Taxes... Seoul City Recovers Funds After Auctioning Seized Items

Seoul City Searches Residence in Yeonhui-dong, Seoul in 2018, Seizes 9 Items

[Image source=Yonhap News]

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 23rd that it plans to auction off items previously seized to recover unpaid local taxes owed by former President Jeon Du-hwan, who passed away on the same day.

According to Seoul City, former President Jeon failed to pay four cases of local taxes, including local income tax incurred from the auction of real estate registered under the names of his sons, Jae-guk and Jae-man, which were classified as nominal trust properties in 2014. The unpaid amount, including penalties, totals 982 million KRW and has placed him on Seoul's list of major tax delinquents for eight years.

In response, Seoul City plans to prioritize auctioning off the seized items following former President Jeon's death. In December 2018, Seoul authorities searched his residence in Yeonhui-dong, Seodaemun-gu, Seoul for three hours and seized nine items, including a refrigerator, folding screen, and paintings. Subsequently, Seoul City auctioned two paintings among the seized items in 2019?Kim Chang-yeol's Water Drop painting and Sugocheonjangdo?recovering 69 million KRW.

Going forward, Seoul City plans to auction the remaining seven items, including the folding screen containing former President Jeon's inaugural address, an Olympic model monument, and a wind-up clock.