Bereaved Family of Former Mayor Park Won-soon Files 'Renunciation of Inheritance' with Court

[Image source=Yonhap News]

[Asia Economy Reporter Hwang Yoon-joo] The family of the late Park Won-soon, former mayor of Seoul, is reported to have filed for renunciation of inheritance and limited approval with the court.

According to the legal community on the 12th, Park's children applied for renunciation of inheritance at the Seoul Family Court on the 6th. On the 7th, Park's wife, Kang Nan-hee, filed for limited approval.

Renunciation of inheritance means giving up both the inheritance of assets and debts, while limited approval indicates a declaration to take responsibility for debts only within the limits of the inherited assets.

The family's application for renunciation and limited approval appears to be due to the debts left by the late mayor. According to the Government Public Officials Ethics Committee's "Regular Asset Changes of High-ranking Public Officials," Park's net assets as of the end of last year were -690.91 million KRW.

Park owned land located in Jangga-ri, Jangma-myeon, Changnyeong-gun, Gyeongnam Province under his name, but he did not own any apartments, commercial buildings, or houses.

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