South Korea's state-run deposit insurer said Thursday it has opened a branch office in Phnom Penh, Cambodia, to help recover local property assets once owned by bankrupt Korean savings banks.
Cambodia has 78.5 percent of overseas assets, mostly bad debts, currently managed by the Korea Deposit Insurance Corp., which has taken over from defunct savings banks.
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The sign of the Korea Deposit Insurance Corp. in an undated file photo (Yonhap) |
Several South Korean savings banks made investments in project financing in the Cambodian real estate market between 2006 and 2010.
The new office is tasked with supporting efforts to retrieve those assets in cooperation with local authorities.
"So far, there has been no performance as intended in asset recovery efforts due to a geographical distance and different business conditions," Gwak Bum-gook, head of the KDIC, said at the opening ceremony of the office.
The process is expected to gain pace with the establishment of the office in the Cambodian capital, he added. (Yonhap)
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