SEOUL: South Korean police raided German carmaker BMW’s Seoul headquarters Thursday in connection with dozens of engine fires.
An official at the Seoul Metropolitan Police Agency’s white collar crime unit said officers were investigating whether the company covered up vehicle defects and had confiscated documents and other materials.
He declined to give further details but Yonhap news agency said a team of 30 investigators were involved. There was no immediate comment from BMW Korea.
“We will conduct a thorough investigation to reveal the truth,” Yonhap quoted a police official as saying.
The move came after reports more than 40 BMW vehicles have burst into flames so far this year, with some parking lots refusing to accept the cars because of fears they could catch fire.
South Korea this month temporarily banned from the streets BMW cars that had not yet passed safety checks and dozens of BMW owners filed complaints seeking a criminal investigation into the firm, its local unit and their nine top officials.
BMW Korea last month started recalling 106,000 vehicles with an exhaust gas recirculation module, which it says caused the recent fires. The recall applies to 42 models, all with diesel engines.
The company is facing a series of legal actions over the issue in the country, and has said the problem was “not Korea specific.”
In South Korea, six out of 10 imported cars are from Germany, with BMW selling nearly 39,000 in the first six months of this year, according to the Korea Automobile Importers and Distributors Association.
South Korea police raid BMW office over car fires
South Korea police raid BMW office over car fires
- South Korean police are investigating whether the company covered up vehicle defects
- BMW Korea last month started recalling 106,000 vehicles with an exhaust gas recirculation module
Qatar’s foreign reserves rise to $71.9bn in January
RIYADH: Qatar’s foreign reserves saw a slight increase in January, reaching $71.95 billion, according to recent data from the Qatar Central Bank.
The figures, released at the end of last month, show a steady rise in the country’s international reserves and foreign currency liquidity.
One notable highlight from the report is a significant 12.8 percent month-on-month rise in Qatar’s gold investments, which now stand at $18.13 billion — marking the highest level ever recorded.
This growth in reserves underscores Qatar’s increasingly robust financial position, which is expected to be mirrored in the December data of other Gulf Cooperation Council countries.
The GCC nations, whose currencies are pegged to the US dollar, typically align their monetary policies with that of the Federal Reserve. Accumulating foreign reserves is crucial for maintaining the stability of these currency pegs, managing liquidity, and safeguarding exchange rates, especially during periods of global financial uncertainty.
However, the report also revealed a decline in investments in foreign treasury bonds and bills, which fell by 9 percent month on month to approximately $30.1 billion — the lowest level in five years. In contrast, the total balances held with foreign banks saw an 18.7 percent increase, reaching $5.92 billion, the highest figure in 10 months.
QCB’s international reserves and foreign currency liquidity also showed a year-on-year increase of 2.65 percent in December, reaching $71.7 billion, as reported by the Qatar News Agency.
This trend of rising foreign reserves is not unique to Qatar. In November, Saudi Arabia’s foreign reserve assets saw a notable 5 percent increase, reaching $463.6 billion, suggesting a regional trend of accumulating financial buffers.
In addition, Qatar’s economic resilience continues to be recognized globally. In March, Fitch Ratings reaffirmed the country’s “AA” credit rating, citing its expanding liquefied natural gas production capacity and high per capita income. The rating reflects Qatar’s strong fiscal position, with one of the highest GDPs per capita globally and a flexible public finance framework that bolsters its economic stability.
An “AA” rating signals very low credit risk and a strong ability to meet financial obligations, even amid potential economic challenges. This rating aligns with a broader regional shift, as Middle Eastern countries diversify their economies to reduce dependence on oil revenues.
