In Incheon, finder receives 19.23 million won after taxes — Korea Herald

In South Korea, a man in his 60s became entitled to money he found in a bag of trash in Incheon. The owner of the 25 million won did not claim it within six months after the official announcement, so the funds were transferred to the finder. After paying taxes and other fees, he received 19.23 million won.

The money was hidden under clothing

The man found the cash on February 10 while collecting used clothing from a 20-liter bag near a residential building in the Geumgok-dong district of Incheon. The banknotes were under the clothing: five bundles of 50,000-won notes, with 100 banknotes in each bundle. The bundles were wrapped with Bank of Korea bands.

The finder immediately reported the money to the police, Korea Herald reports. Police checked nearby surveillance camera footage, conducted fingerprint examinations and visited dozens of homes in the area in an effort to identify the owner of the cash.

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The owner of the money did not come forward

Law enforcement officers also posted notices on the national lost-property portal and in a local newspaper, but no one claimed the funds. Under South Korea's Lost Articles Act, property passes to the finder if the original owner does not come forward within six months of the date of the public announcement.

Of the 25 million won, 5.77 million won was deducted for taxes and the cost of the newspaper notice. The cash was taxed at a rate of 22% as other income. Police said they found no evidence linking the money to criminal activity.