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mhlee@koreatimes.co.kr(Lee Min-hyung) 2023-03-09 05:35:05

Tussle escalates between Lotte, Meritz over fund loss

Lotte Insurance and Meritz Securities are locked in a heated tug-of-war over the brokerage's sale of $160 million (210 billion won) in risky fund products which incurred huge losses. The controversial fund was established in December 2018. The Lotte affiliate invested $50 million in the fund about two months later. But with Blackstone - the world's leading alternative asset manager which has a close link to the fund - declaring default on the product in 2020, Lotte Insurance ended up reporting losses in all of the invested capital in only about two and a half years.

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