Former South Korean president Park Geun-hye’s home seized over unpaid debt

DAEGU – Former President Park Geun-hye’s home in Daegu has been put under provisional seizure after a court ruled that she failed to repay 1 billion won (S$869,944) in outstanding debt owed to the operators of a local YouTube channel.

According to local media reports on Feb 5, the Seoul Central District Court approved a request by YouTube channel HoverLab and its chief Kim Se-eui to seize the property.

Park had borrowed 2.5 billion won from Mr Kim in 2022 to purchase the home after receiving a pardon from the Moon Jae-in administration while serving a 20-year prison term.

Mr Yoo Yeong-ha of the main opposition People Power Party, a long-time confidant of Park, acquired the property under Park’s name using the borrowed funds. Mr Yoo and Park left the debt unpaid for four years, according to Mr Kim, who disclosed the development on his channel.

Park owes 900 million won to Mr Kim and 100 million won to HoverLab.

“Park wired me 1.5 billion won a month after she moved in, so I thought she would soon send me the remaining amount. That was four years ago,” Mr Kim said, adding that both Mr Yoo and Park snubbed the documents he sent twice since then to settle the debt.

Mr Yoo had said that the money would be paid back from Park’s income, such as from royalties from her book.

Park in 2017 became the first South Korean president to have an impeachment upheld, and was stripped of most benefits including the presidential pension. It was reported in 2022 that she had no assets after paying the fine and penalties imposed by the court for her criminal activities.

Mr Kim had stationed an office for his channel in Daegu for a year since Park moved to the city and said, “I think we served ex-President Park well for a year.”

Daegu is Park’s birthplace, and a conservative stronghold in South Korean politics. THE KOREA HERALD/ASIA NEWS NETWORK