Prosecution Auctions Former President Lee Myung-bak's Nonhyeon-dong Residence... Minimum Bid Price 11.1 Billion Won

The former president's residence in Nonhyeon-dong, Gangnam-gu, Seoul./Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Kim Hyung-min] The prosecution has started recovering fines and confiscated funds by putting former President Lee Myung-bak's private residence up for public auction.

According to the Korea Asset Management Corporation (KAMCO) public asset disposal system 'Onbid' on the 6th, the building and land at 29 Nonhyeon-dong, Gangnam-gu, Seoul, where the former president lived before his detention, were listed as auction items on the 28th of last month.

The bidding will be conducted through general competition (highest bid method). The first bidding period is from June 28 to 30, with a minimum bid price of 11,126,192,900 KRW.

The Seoul Central District Prosecutors' Office reportedly requested KAMCO to publicly auction the Nonhyeon-dong residence, which had been seized to recover the unpaid fines and confiscated funds of the former president.

In 2018, when the prosecution indicted the former president in custody, they filed for confiscation preservation on his real-name and nominee assets. Confiscation preservation is a measure that prevents the defendant from disposing of their assets until the court issues a ruling during a trial related to bribery charges.

The court partially accepted this and froze the Nonhyeon-dong residence, Bucheon factory building, and land.

In October last year, the Supreme Court confirmed a sentence of 17 years imprisonment, a fine of 13 billion KRW, and confiscated funds of 5.78 billion KRW against the former president for bribery and other charges under the Act on the Aggravated Punishment of Specific Crimes.

He was prosecuted in 2018 on charges including embezzling approximately 33.9 billion KRW in slush funds while being the actual owner of the auto parts company Das from 1992 to 2007, and paying about 6.77 billion KRW in litigation costs related to the BBK investment recovery lawsuit through Das on behalf of Samsung.

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