Lone Star ordered to sell down KEB stake within six months
Lone Star has been ordered to sell down the majority of its 51% stake in Korea Exchange Bank (KEB), South Korea’s sixth-largest bank by assets, to 10% or less within six months. This has reportedly prompted US-based Lone Star to seek out buyers as its exclusive negotiations contract with Hana Financial expires at the end of the month.
The order came after Lone Star was found guilty of manipulating KEB's stock price around the time of its 2003 purchase of the group, and was ordered to pay KRW25 billion ($21 million) in damages. In conjunction...
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