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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Ethical/Green Investments

KIC sues Volkswagen over emission scandal on behalf of S.Korea govt

Posted on 05 October 2016

Korea Investment Corporation (KIC), South Korea’s sovereign wealth fund, has lodged a lawsuit against Volkswagen on behalf of the South Korean government and the Bank of Korea over the German carmaker’ emissions cheating scandal, in its first legal action against a foreign company to seek damages, government sources said on Oct. 3.
The South Korean government, as a shareholder of the carmaker, estimates to recover 15 billion won to 40 billion won ($14 million to $36 million) in compensation for the loss in the share price………………………………………Full Article: Source


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