26.11.2014 - SWF Apologizes to Citizens for Merrill Lynch Investment
The head of South Korea’s $77 billion sovereign wealth fund has apologized to the country’s citizens for its disastrous $2 billion investment in Merrill Lynch, made shortly before the corporation merged with Bank of America. "I believe that it was a poor investment and apologize to the people of Korea,” Hongchul Ahn, CEO of the Korea Investment Corporation (KIC), told reporters in a news conference Monday. "I promise that Korea Investment Corporation will remember the painful lesson from the Merrill Lynch investment and become a global sovereign wealth fund.”.....................................Full Article: Source
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