Most people are familiar with the adage "Old is gold." It signifies that anything old must be valued and treated with significance. However, little did a South Korean man know when he bought a used refrigerator that he would strike gold—finding $130,000 taped to the bottom.
According to a recent report, a resident of Jeju Island, South Korea, found ₩110 million ($130,000) hidden in a kimchi refrigerator that he purchased online. The man however turned in the money to the police. "It was a large amount of money. It was absurd because we rarely had such cases," said a police officer handling the case.
Treasure At the Bottom
MBC News, a South Korean news outlet, recently reported that the unnamed man was cleaning the online-bought kimchi refrigerator when he made the discovery. The money was packed in a transparent plastic sheet and directly taped underneath the appliance. They were all in bundles of ₩50,000 banknotes, which is the highest denomination of the currency.
While most would have grappled with the temptation to keep the unexpected bounty for themselves, the Jeju resident went to the law enforcement with the money on 6 August 2021. Currently, the police are in the process of tracing the seller. They are also trying to track down those involved in the transportation of the appliance to its final delivery point. So does the man get to keep the money that he found if the rightful owner cannot be traced? Maybe.
According to the South Korean Lost and Found Act, if the owner of the money cannot be traced, the man gets to keep it. However, he will have to part with 22 percent of the amount as taxes. If the rightful owner is found, the man will receive five to 20 percent in compensation for finding it. What is the worst-case scenario then? If the money has links to criminal activities, it becomes the state's. No one gets a dime.
Who Needs a Bank?!
While stashing such a large sum of money at the bottom of a refrigerator may remind one of crime movies, it is a fairly common practice in South Korea. A report published in The Korea Times in 2016 stated that an increasing number of Koreans, particularly the rich, were storing money in their kimchi refrigerators. The reason? Fall in the returns from saving accounts due to low interest rates at the time.
The report also stated that if arranged properly, a kimchi refrigerator can accommodate over ₩1 billion ($895,200). However, it would have to be in ₩50,000 banknotes. Jang Min, a Bank of Korea (BOK) official was quoted saying: "Rich people save their cash at home by putting it in a kimchi refrigerator as they expect little return from a bank due to low interest rates."
