Seoul: The South Korean government has successfully retrieved over 70 percent of the public funds deployed during the 1997-1998 Asian financial crisis to support struggling financial institutions, as confirmed by the country's financial regulator.

According to Yonhap News Agency, the Financial Services Commission (FSC) reported that as of the end of March, the government had recovered 72.1 percent of the 168.7 trillion won (US$118.3 billion) used in bailout initiatives. This equates to approximately 121.6 trillion won (US$84.7 billion) being reclaimed.

In the previous year alone, the government managed to recover 942 billion won through the sale of shares in companies such as Hanhwa Ocean Co. and others. The ongoing recovery efforts are part of a broader strategy to recoup public funds used during the financial crisis.