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Slumdog millionaire dies in South Korea

Published: 06 May, 2009, 14:19
Edited: 31 October, 2009, 17:36


AFP Photo / Jung Yeon-Je

A homeless man has died in South Korea leaving $128 million won (just over $100,000) in the bank, AFP reports. For 16 years, the Korean couldn’t get his money back simply because he didn’t know his name.

 
1 COMMENT
Kurt October 31, 2009, 13:04 quote
0

This story is senseless. A bank has on deposit a fortune that they know belongs to this one particular man. He is identified as the account owner without question. The man knows that the money is his. What did the man not know about his name that allowed the bank to keep the man from his money? The bank executives knew the man was homeless, probably without family and undoubtedly without the money to hire a lawyer and sue the bank. They did the sensible thing (in the banking world) by unlawfully keeping the money until he died. Then, depending on Korean law, the money went to the corrupt government with a kick-back to the bank, or simply kept by the bank and treated it as unreportable income from which bonuses could be paid to the executives. The Koreans have finally adopted the standards of practice common to US banks and health insurers!

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