Crackdown on Hidden⁢ Assets: Korea Deposit Insurance Corporation Launches Reporting ​Period

The Korea ‍Deposit Insurance Corporation (KDIC) has announced a period of concentrated ‌reporting of‍ hidden assets by bad debtors, set to run until the end of December. This initiative aims to increase public awareness of hidden assets and encourage active reporting.

To facilitate easy reporting, the KDIC will provide a dedicated internet reporting screen accessible through the forecast homepage banner and⁢ promotional poster QR code. Additionally, the corporation will expand the operation of dedicated⁣ desks to offer quick and accurate ‌consultation guidance.

The ‍government is‍ taking‍ a firm⁣ stance against‍ those ⁣responsible for the injection of⁣ public funds into insolvent financial institutions. Through systematic investigation and ⁣recovery of hidden assets, the government aims to recover ⁤as much public funds as possible.

The Financial‍ Insolvency Related Hidden Assets Reporting Center was ​established in May 2002 to encourage citizens to report hidden assets that are difficult to identify through self-investigation alone. Any citizen‌ can ⁣report domestically or⁢ internationally hidden assets of a person related to bad debts by mail, in person, or via the internet.

Eligible reporting targets include real estate, stocks, deposits,​ and salaries hidden in another person’s name, as well as claims such ⁤as uncollected dividends, loan ⁣claims, and damages claims. If the hidden assets are recovered, a⁤ reward of⁢ up to 3 ⁣billion won will be paid according to established procedures.

Since the establishment of the reporting center,​ the agency has received 672 reports as of June, recovering a total of 88.8 billion won. A reward of 6.44 billion won was paid to the reporter who contributed to the recovery.

Reporters have used various methods to report hidden assets, including visiting the reporting center in person (33%) or using the Yebo website (37%). The most commonly reported assets include real estate (30%), bonds (41%), stocks (11%), and deposits (8%).

Hidden assets were mostly located domestically (92%), where ⁢information acquisition and asset ​identification are⁣ relatively easy, while overseas assets accounted for 8%.

The KDIC is committed ‌to maintaining the stability of ⁤the financial market by strengthening the cooperative system with related organizations and publicizing the hidden asset reporting center. The corporation aims to maximize the recovery⁣ of support funds and more strictly ​pursue the responsibility of those involved in bad debt.