South Korea to set up $759 million corporate restructuring fund

SEOUL (Reuters) – South Korea’s financial regulator said on Tuesday the government would set up a 1 trillion won ($758.97 million) public fund to support companies that are undergoing a restructuring process.

The Financial Services Commission said in a statement it would raise 1 trillion won this year for its Corporate Structure Innovation Fund, with a goal of raising a maximum 4 trillion won by 2027.

Korea Asset Management Corp, in charge of the fund management, and state-run banks will together contribute 500 billion won to the fund, while the remaining half will be raised from the private sector, the Commission said.

($1 = 1,317.5800 won)

(Reporting by Jihoon Lee; Editing by Rashmi Aich)