[THE INVESTOR] The Korean government saw returns of 436.4 billion won (US$390.2 million) from previous bailout funds in the second quarter of 2016, mostly stemming from the 1997-98 Asian financial crisis, announced the top financial regulator on Aug. 23.

The retrieval of taxpayers’ money came largely on dividends from bailed-out firms, according to the Financial Services Commission.

The government spent 168.7 trillion won to bail out financial firms and help stabilize the financial system from November 1997 to June this year.

It had recouped 112.1 trillion won, or 66.5 percent, as of the end of June, up 0.3 percent on-quarter, the FSC said.

On Aug. 22, the commission announced a plan to privatize Woori Bank within this year in a bid to recoup more public funds.

The government holds 51 percent stake in the country’s third-largest bank by assets through the state-run Korea Deposit Insurance Corp. It plans to sell off 30 percent to several different buyers.

(theinvestor@heraldcorp.com)