Go to contents

Provisional Seizure of GNP’s Other Property Instead of Central Headquarters

Provisional Seizure of GNP’s Other Property Instead of Central Headquarters

Posted May. 13, 2004 21:29,   


Relating to the legal proceedings of retrieving the “Ahn-poong” state funds, the Ministry of Justice (MOJ) announced yesterday that they had decided to order provisional seizure of Grand National Party’s other property instead of the central headquarters. The “Ahn-poong” case was when the GNP was suspected for financing their 1996 election from the state spy agency’s budget.

The targets for provisional seizure are a total of nine provincial land property and buildings owned by GNP including the Busan headquarters, and are worth some 20 billion won excluding fixed collateral.

Chung Byung-doo, head director of the legal affairs office at MOJ, explained by saying, “Considering the fixed collateral on GNP’s main headquarters and priority bonds such as the employees’ severance payments, there is not much of a practical difference by seizing GNP’s other properties.”

Prior to this, GNP contracted to sell the main headquarters at some 43.7 billion won and deposited the two billion won left after excluding the employees’ severance fees and the expenses to transfer the headquarters. GNP also turned in the document to the MOJ, which promised to hand over the rights of the leasehold deposit for the new headquarters worth about 1~1.5 billion won.

Seoul High Prosecutors’ Office, which is in charge of retrieving the state funds from the “Ahn-poong” case, asked for approval to the MOJ to seize GNP’s main headquarters in order to retrieve 85.6 billion won.

Jin-Young Hwang buddy@donga.com