Korea-US Strategic Investment Corp. grilled over risk management
Korea-U.S. Strategic Investment Corp. was grilled by lawmakers from both ruling and opposition parties Tuesday during a National Assembly audit over its ability to manage risks associated with Korea's $350 billion U.S. investment commitment. The audit marked the first since the corporation's launch in June, as Korea has begun making payments under the investment agreement. "Had it not been for…
The Korea-US Strategic Investment Corp. faced intense scrutiny from lawmakers from both ruling and opposition parties during a National Assembly audit on Tuesday. The audit, marking the first since the corporation's inception in June, came amid Korea's commencement of payments under the investment agreement, which totals $350 billion in U.S. commitments.
Rep. Jung Sung-ho of the ruling Democratic Party of Korea expressed concern, asserting that "had it not been for U.S. President Donald Trump's unusual tariff policies, this kind of investment would have been difficult to pursue." He questioned the corporation's legal expertise in managing risks, noting that its risk management committee comprised only one American lawyer.
Rep. Lee Jong-wook from the main opposition People Power Party criticized the corporation's inadequate risk management, specifically referencing the handling of a $2.4 billion remittance for Project Star, the first investment project selected. The corporation had already remitted this amount for Project Star, but the audit revealed concerns about the management of this significant financial commitment.
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- Korea-US Strategic Investment Corp. grilled over risk management koreatimes.co.kr
