By Kang Shin-who
Ajou University in Suwon, Gyeonggi Province, and other universities have suffered huge losses from investments in stocks, raising concern over their financial soundness amid their increasing exposure to risky assets.
According to Rep. Lee Sang-min of the minor opposition Liberty Forward Party, 11 universities recorded a combined loss of 12.5 billion won ($11.2 million) from their investments in financial products.
“The government should ban universities from investing in risky stocks,” Lee said.
He also demanded that universities make public their financial reports in a clearer manner.
Ajou University’s stock losses amounted to 5.4 billion won this year.
Pusan University of Foreign Studies recorded a 3.2 billion won loss, followed by Sunmoon University in South Chungcheong Province with 1.4 billion won and Seoul Theological University with 1.1 billion won.
Among other universities that suffered losses were Sogang and Soongsil universities.
The number of universities investing money into stock funds has decreased to 24, this year, from 36, last year.
Also, the amount of moneyinvested fell to 245.3 billion won this year from 508.8 billion won in 2009.
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