'Golden Pig, Rolex, Chanel, and More'... Gyeonggi Province to Auction 313 Seized Assets from Tax Delinquents

The Gyeonggi Provincial Government will conduct an online auction of 313 movable assets seized from high-value and habitual local tax delinquents from December 1 to December 3.

The items up for auction include a total of 313 pieces: 155 pieces of jewelry, 7 luxury watches, and 67 designer bags, with a total appraised value of 226 million won.

Key items include a golden pig (appraised at 22.08 million won), a gold medal (13.52 million won), a Chanel bag (2.5 million won), and a Rolex watch (2.4 million won). There are also golf clubs, whiskey, and gift certificates. The detailed list was posted on November 24 on the Korea Asset Public Auction (kapao.co.kr) auction website.

Anyone wishing to participate in the auction can place electronic bids using a smartphone or PC. The successful bidders will be announced at 10 a.m. on December 5.

Gyeonggi Provincial Government

The public sale of seized movable assets is a measure to recover hidden assets from high-value delinquents and to realize tax justice. Gyeonggi Province is the only local government in the country to conduct such auctions directly.

To ensure peace of mind for bidders, Gyeonggi Province has introduced a system that refunds the payment and compensates up to 100% of the appraised value (minimum bid price) if the auctioned item is found to be counterfeit.

No Seungho, Director of the Tax Justice Division at the Gyeonggi Provincial Government, stated, "All items in this auction were seized from the residences of chronic tax evaders who avoided their tax obligations," adding, "We will continue rigorous tax administration and strict enforcement against delinquents to build a society where responsible taxpayers are respected."

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