South Korea’s government denied on August 24 a report by the Korea Economic Daily claiming the United States had proposed that Seoul acquire a stake in Westinghouse Electric Co., the American nuclear giant. The Ministry of Trade, Industry and Energy explicitly rejected the joint investment proposal as « not true. » According to the initial report, the US had floated the idea of a $200 billion bilateral strategic investment fund to facilitate the deal, which would have resolved intellectual property disputes and permanent property rights and opened the US large-reactor market to South Korean companies. Westinghouse is currently owned 51% by Brookfield Asset Management and 49% by Cameco Corporation, while Washington holds rights to acquire up to 20% of the company in exchange for supporting domestic nuclear development worth over $80 billion.
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