Sovereign breaks Korean record

Is this the most profitable "bad" investment in Asian history?

Late on Friday, Sovereign Asset Management sold its nearly 15% stake in Korean oil refiner, SK Corp at a 7% discount to the market close. The exit marks the end of an acrimonious relationship between Sovereign and the chaebol's Korean management and its key shareholder and chairman, Chey Tae-won.

Sovereign, predictably enough, emerged from the sale with a press release it has barraged the media with press releases in the past 18 months, that...

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