Where Did Chun Doo-hwan's Money Go?
Former South Korean military dictator Chun Doo-hwan ruled the country from 1980 to 1988, amassing significant wealth through various means, some of which were illegal or unethical. Recent revelations by his grandson, Chun Woo-won, have shed further light on the ways in which Chun and his family may have hidden their ill-gotten gains. In this blog post, we explore the question of "Where Did Chun Doo-hwan's Money Go?" and the methods that may have been used to conceal his wealth.
Offshore Accounts
One common way for those with black money to hide their wealth is by using offshore accounts. A 2017 investigation by the International Consortium of Investigative Journalists (ICIJ) revealed that Chun's son, Chun Jae-yong, had set up a shell company in the British Virgin Islands in 2004. The company was reportedly used to transfer funds to a Swiss bank account. While offshore accounts can be legal, they are often used for tax evasion and other nefarious purposes.
Real Estate
Real estate is another common way for those with black money to hide their wealth. Chun Doo-hwan and his family owned multiple properties, including a mansion in Gangnam, one of the wealthiest neighborhoods in Seoul. Chun was forced to sell the property in 2018 to pay back damages he was ordered to pay as a result of a court ruling that found him responsible for the deaths of pro-democracy protesters in the 1980 Gwangju Uprising. Real estate investments can be used to hide black money through the use of shell companies or by purchasing properties in the name of family members or other associates.
Maidens' Bank Accounts
Chun Woo-won's recent self-exposure revealed that his school fees were paid for using the bank accounts of Chun Doo-hwan's former maidens. This revelation suggests that Chun may have used the accounts of his employees to conceal his money and avoid detection by the authorities. This method of hiding black money is not uncommon, as it is difficult to trace the source of funds when they are deposited into someone else's bank account.
Conclusion
While Chun and his family have not been convicted of any crimes related to their wealth, the recent revelations by Chun Woo-won and investigations by journalists and government agencies suggest that there may be more to the story of how Chun and his family accumulated and hid their wealth. The methods used to hide black money, such as offshore accounts, real estate investments, and the use of maidens' bank accounts, are common practices for those looking to conceal their wealth. However, as we have seen in this case, the truth has a way of coming to light, and those who engage in these practices may face legal consequences in the future.
▼What's Wrong with Woo-won's eldest Uncle Chun Jae-guk? Please find more about him here▼
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