Kamco Conducts Online Public Auction of Seized Assets Worth 21.7 Billion Won
[Asia Economy Reporter Song Seung-seop] Korea Asset Management Corporation (KAMCO) is auctioning off seized properties worth over 21.7 billion KRW online.
KAMCO announced on the 29th that it will auction 31 residential buildings, including apartments and houses nationwide, through the electronic asset disposal system Onbid (www.onbid.co.kr) for three days starting from the 1st. All these properties were entrusted to KAMCO for auction by public institutions such as tax offices and local governments to collect overdue taxes. Among the items for auction, 111 are priced at 70% or less of their appraised value.
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According to KAMCO, the responsibility for evicting tenants lies with the buyer, and caution is advised as the auction of the properties may be canceled before bidding due to reasons such as tax payment or undeliverable notices.
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