[2020 National Audit] KAMCO, 8.55 Billion KRW in Uncollected Ungdong Academy Bonds

[Asia Economy Reporter Park Sun-mi] It has been revealed that Korea Asset Management Corporation (KAMCO) has not been able to recover 8.55 billion KRW from Woongdong Academy, a school foundation operated by the family of former Minister of Justice Cho Kuk.

According to data submitted to Rep. Yoon Chang-hyun of the People Power Party by KAMCO on the 20th, the bonds currently held by KAMCO from Woongdong Academy amount to 8.55 billion KRW including principal and interest. Including bonds acquired from the Korea Technology Finance Corporation, the total reaches 13.1 billion KRW.

KAMCO's position is that the properties owned by Woongdong Academy are part of the school foundation's basic assets, making legal actions such as compulsory execution difficult. Regarding this, Rep. Yoon stated, "KAMCO should make more proactive efforts to recover non-performing loans from Woongdong Academy, which has not repaid for 22 years."

This content was produced with the assistance of AI translation services.