A man in his 60s who found 25 million won (around S$24,000) inside a rubbish bag in South Korea has been allowed to keep the money after its owner failed to claim it after six months.
After taxes and other expenses were deducted, the man received about 19.23 million won (around S$18,400), the local police in Incheon said on 2 Oct.
According to South Korean media Maeil Business, the man made the discovery on 10 Feb while collecting used clothes near a residential building in Geumgok-dong, Jemulpo-gu, Incheon.
While checking a 20-litre rubbish bag, he found stacks of 50,000-won notes hidden underneath the clothing.
Source: ChosunBiz
The 25 million won was divided into five bundles of 100 notes, each secured with bands bearing the Bank of Korea’s name.
Rather than keeping the money, the man immediately reported it to the police.
Officers subsequently examined nearby CCTV footage, conducted fingerprint analysis, and visited dozens of homes in the area in an attempt to identify the owner.
Notices were also posted on South Korea’s national lost-and-found portal, in a local newspaper, and around the neighbourhood.
However, nobody came forward to claim the cash. The police also found no evidence suggesting that the cash was linked to criminal activity.
South Korean law allows finders to own lost property if no one claims it within six months of public notice.
As the deadline passed without anyone claiming the cash, the man was granted ownership.
In August, the police gave him 19.23 million won (around S$18,400) after deducting 5.77 million won (around S$5,500) for taxes and notice costs.
The money was subject to a 22% deduction for taxes and costs of publishing notices in the local newspapers.
The police also said he qualified for the cash after reporting and surrendering it within the required timeframe.
Also read: Hotel staff in Thailand receives S$3.80 tip after returning S$3,800 lost cash to French tourist
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Featured image adapted from Droppe, for illustration purposes only, and ChosunBiz.