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Korean companies taken to court over Tong Yang sale

June 28,2017
China’s insurance giant Anbang Group Holdings filed a suit against five Korean financial companies, claiming 698 billion won ($614.24 million) in damages over their role in the sale of Tong Yang Life Insurance.

Yuanta Securities, one of the defendants, said that the five Korean companies have been sued in the ICC International Court of Arbitration. Anbang raised an issue with a meat loan fraud that took place, accusing the sellers of not noticing the risks associated with loans secured with meat. Yuanta said that Anbang exaggerates the problem and the damages are overestimated. By Park Eun-jee