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S. Korea's pension fund chief offers resignation amid losses

SEOUL, Sept 11, 2009 (Asia In Focus via COMTEX) --

Company: Woori Bank (HNVTF)

The head of South Korea's pension fund offered to resign Friday amid accusations that he caused heavy losses to a state-run bank years ago when he was its chairman. Park Hae-choon, president of the National Pension Service (NPS), delivered his resignation to Health Minister Jeon Jae-hee, who supervises the nation's largest institutional investor, according to fund officials.

* No clear reason for his resignation was given but the move comes after Park was accused of causing heavy losses to Woori Bank through failed derivative investment when he was chairman of the state-run bank.

* He headed Woori between 2007 and 2008.

Copyright (C) 2009 Asia in Focus. All rights reserved

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Company: Woori Bank (HNVTF)


Related terms: bank, health, investment, korea, president, resignation, south korea

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