S.Korean president vows to recover assets of past pro-Japanese collaborators, hold them accountable

South Korean President Lee Jae Myung delivers a speech during an event of the Liberation Day in Seoul, South Korea, Aug. 15, 2026. August 15 is observed as the Liberation Day every year which marks the Korean Peninsula's liberation from Japanese colonial rule. (NEWSIS/Handout via Xinhua)

SEOUL, Aug. 15 (Xinhua) -- South Korean President Lee Jae Myung on Saturday vowed to investigate and recover assets illicitly accumulated by pro-Japanese, anti-national collaborators during Japanese colonial rule and "hold them accountable before history."

Speaking at a ceremony marking the 81st anniversary of the Korean Peninsula's liberation from Japanese colonial rule here, Lee said the government would pursue the recovery of such assets under the Special Act on Asset Confiscation for Pro-Japanese and Anti-National Collaborators to the State, promulgated on June 2.

The government will also take a more responsible approach to managing the confiscated assets, ensuring that all proceeds go toward honoring and supporting decorated independence activists and surviving family members, Lee said.

"We will spare no effort in redressing the lingering vestiges of our painful history and safeguarding the honor and well-being of those who devoted themselves to our independence," he said.

South Korea first enacted a special law in 2005 to allow the state to confiscate assets acquired by pro-Japanese collaborators during Japan's colonial rule. A special investigative committee was established in 2006 but was dissolved in 2010 after its four-year mandate expired.

The government has since moved to revive the legal framework for recovering such assets. The National Assembly passed a revised special law on May 7, which was promulgated on June 2 and is scheduled to take effect on Dec. 2.

Under the new law, the investigative committee will be reestablished and may operate for up to five years. Assets derived from the disposal of pro-Japanese property, including proceeds from sales to third parties, will also be subject to recovery, according to Yonhap News Agency.

Members of Seodaemun Taekwondo Demonstration team perform during the Liberation Day at the Seodaemun Independence Park in Seoul, South Korea, Aug. 15, 2026. August 15 is observed as the Liberation Day every year which marks the Korean Peninsula's liberation from Japanese colonial rule. (Photo by Jun Hyosang/Xinhua)

People visit the Seodaemun prison history hall during the Liberation Day at the Seodaemun Independence Park in Seoul, South Korea, Aug. 15, 2026. August 15 is observed as the Liberation Day every year which marks the Korean Peninsula's liberation from Japanese colonial rule. (Photo by Jun Hyosang/Xinhua)