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Market Commentary and Intraday News

Iranian workers demand South Korea 'return' funds

570 days ago

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By ALI AKBAR DAREINI
Associated Press

(AP:TEHRAN, Iran) About 1,000 Iranian workers have staged a protest rally in front of the South Korean Embassy in Tehran demanding the return of $70 million allegedly held by Seoul after a collapsed business deal.

Employees of Iran's Entekhab Industrial Group claim South Korea has blocked a refund of the money after a failed bid in 2010 to buy Daewoo Electronics, a former subsidiary of the now-defunct Daewoo Group.

Iranians believe the deal was called off because of South Korean worries over mounting international sanctions against Iran over its nuclear program.

"Return our money," the protesters shouted Sunday in the third such rally in recent months.

Daewoo officials were not immediately available for comment.

Entekhab produces home appliances in Isfahan, about 300 kilometers (180 miles) south of Tehran.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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