South Korea has recovered around 66 percent of the public funds spent since the 1997 Asian financial crisis to bail out ailing companies, government data showed Tuesday.
From November 1997 to March 2016, the government extended a total of 168.7 trillion won ($145 billion) in public funds to help financially troubled companies hit by the 1997 and the 2008 financial crises, the Financial Services Commission said in a statement.
 |
Financial Services Commission chairman Yim Jong-yong (Yonhap) |
As of March 31, the government retrieved an accumulated 111.6 trillion won, or 66.2 percent, of the extended loans in exchange for a full-scale restructuring of the companies.
"The restructuring of some companies is still under way. The business environments have worsened for major industries, such as shipping and shipbuilding, due to the lingering impact of the 2008 financial crisis," an FSC official said.
The financial regulator expects the public funds will be fully retrieved by 2027. (Yonhap)
