Sat, Nov 18, 2017
A A A
Welcome mteam
RSS

Sovereign Wealth Funds Briefing - Categorized | Financials, Performance

Korea Investment incurred $816mln appraisal loss from Merrill

Posted on 17 September 2010

From Dow Jones: In a sharp criticism of South Korea’s sovereign wealth fund, the country’s Board of Audit and Inspection said Thursday Korea Investment Corp. showed poor judgment while investing $2 billion in Merrill Lynch & Co.’s preferred shares in 2008, resulting in an appraisal loss of $816 million.

The board, which oversees the conduct of government agencies and officials, said in a report that the investment loss was based on calculations as of March 5. It said the Korean sovereign wealth fund rashly made the investment without establishing proper internal standards for such an investment or properly considering the potential financial risks or the strategic value of making the investment in Merrill Lynch…………………………………….Full Article: Source


 Article link

This post was written by:

VRS - who has written 19873 posts on Opalesque Sovereign Wealth Funds Briefing.


Contact the author

Comments are closed.

banner
banner
banner
banner
November 2017
M T W T F S S
« Nov    
 12345
6789101112
13141516171819
20212223242526
27282930