| 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
|