Unable to Repay 1 Billion Won Borrowed for Purchase: Park Geun-hye’s Daegu Residence Provisionally Seized by YouTube Channel

[Financial News] The private residence of former President Park Geun-hye in Dalseong County in Daegu has been placed under provisional seizure in favor of the YouTube channel "Garo Sero Research Institute" (GSRI).
According to legal sources on the 5th, Judge Han Sung-min of Civil Division 54-2, Single-Judge Panel at the Seoul Central District Court granted a request for provisional seizure of the property on the 30th of last month. The application had been filed by GSRI and its head, Kim Se-ui, against former President Park.
Provisional seizure is a court measure that temporarily freezes a debtor’s assets so they cannot be concealed or sold. Creditors can request it to preserve assets in preparation for compulsory execution.
The residence under provisional seizure is a detached house purchased in 2022 in the name of Park Geun-hye by her close associate, People Power Party lawmaker Yoo Young-ha.
The property reportedly has a land area of 1,676 square meters and a total floor area of 712 square meters. It includes a residential building with an elevator and three auxiliary structures.
At the time of purchase, Yoo borrowed funds from GSRI and Kim. It is understood that he failed to repay 1 billion won owed to GSRI and 9 billion won owed to Kim. The loan claim filed by Kim and GSRI totals 10 billion won.
Former President Park moved into the residence after receiving a special pardon at the end of 2021. At the time, Yoo acknowledged regarding the purchase cost of Park’s residence that "Garo Sero Research Institute did provide assistance" and stated that he planned to repay the funds using proceeds such as Park’s publication fees and related income.


jjw@fnnews.com Jung Ji-woo Reporter