The Korea Deposit Insurance Corporation announced on the 5th that it will operate an intensive reporting period until the end of the year to encourage public reporting of hidden assets related to financial insolvency.
Since May 2002, KDIC has established and operated the "Hidden Assets Reporting Center for Financial Insolvency Related Persons." When hidden assets are recovered, rewards of up to 3 billion KRW are paid according to the procedure.
The main assets subject to reporting include real estate, stocks, deposits, and salaries hidden under borrowed names by insolvent persons. Claims such as unpaid dividends, loan claims, and damage compensation claims of insolvent persons are also included in the reporting targets.
Meanwhile, since the establishment of the reporting center, 672 reports have been received as of last June, recovering 88.8 billion KRW. A total of 6.44 billion KRW has been paid to informants who contributed to the recovery.
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