Tongyang Life offload all shares in holding firm
Seoul - Yonhap
Tongyang Life Insurance Co., South Korea's fifth-largest insurer, said Sunday it has offloaded all its shares in the troubled holding company, in an apparent bid to tide over falling credibility. According to the data by the Financial Supervisory Service, the life insurer sold its 4.25 million shares in Tongyang Inc., the de facto holding company of Tong Yang Group, last week at 2.8 billion won (US$2.6 million).
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