Enforcement Rule of the Privatization of Government-Owned Enterprises Act Article 28

The proceeds received by the government derived from the privatization of government-owned enterprises and from the sale of government-owned shares in the enterprise which the government's shareholdings do not exceed 50%, which are contributed to the national treasury pursuant to Article 15 of the Act, shall be handled in accordance with the following provisions:1. Of the proceeds gained from the sale of shares held by the national treasury or the entire assets of the concerned government-owned enterprise, except for the portion to be set aside and appropriated to a special fund, the remainder shall be allocated to the national treasury.2. The proceeds gained from the sale of a part of the assets of the concerned government-owned enterprise or the shares of a re-invested enterprise held by the concerned government-owned enterprise shall be included in the annual net income of the enterprise concerned, and except for making up loses and setting aside the legal reserve, no proceeds shall be retained.