| The head of South Korea's sovereign wealth fund on Monday apologized for its botched investment in Bank of America (BoA) but stressed it plans to retain the stake for the time being to minimize losses. "I believe that it was a poor investment and apologize to the people of Korea. I promise that Korea Investment Corp. (KIC) will remember the painful lesson from the Merrill Lynch investment and become a global sovereign wealth fund," KIC chief executive Ahn Hong-chul said.
KIC has been facing strong backlash from opposition party lawmakers for its US$2 billion investment in Merrill Lynch in 2008 before the financial firm was merged with BoA.......................................Full Article: Source
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