Saturday, September 30, 2006

[hermes] british pension fund cleared of stock manipulation

Hermes Pensions Management Ltd., manager of the UK's largest pension account, has said it was cleared by a Seoul court of stock manipulation, averting South Korea's first conviction of an overseas fund. The company said it was pleased. The ruling may ease concern that foreign investors face a hostile political climate in Asia's third-largest economy. Dallas-based Lone Star Funds' sale of Korea Exchange Bank for 6.95 trillion has also been delayed by a prosecutors' probe. Hank Morris, a director of Industrial Research and Consulting, who advises investors abroad on putting money into South Korea says: "It's a good sign. I think the foreign investment community will appreciate it.''

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