Ex-Presidential Slush Fund Seized

The Seoul Central Prosecutor뭩 office announced yesterday that it confiscated over 130 million won in dividends originating from slush funds stashed with the Nara Banking Corporation by former President Roh Tae-woo.

The money acquired by prosecutors on November 29 from the banking corporation is the dividend interest worth 2.9 billion won on 24.8 billion won deposited in a bank account under a false name opened during 1991 and 1992. Prosecutors won a suit against Nara Banking Corporation to switch the depositor to the government, and fully redeemed the money into the national coffers. However, interest classified as claims provable in bankruptcy has been redeemed in the form of dividends.

Prosecutors have recovered 262.9 billion won or 80.38 percent of fines levied on the former president.

woogija@donga.com