Lone Star challenges stock manipulation charges in Korean court
Lone Star will file a petition to void stock manipulation charges leveled against it and Paul Yoo, the head of its South Korea unit, Reuters reported. The move is likely to prolong the private equity firm’s sale of a 51% stake in Korea Exchange Bank (KEB) to Hana Financial Group, which regulators have held off approving due to the dispute.
The petition will argue that the charges, which started to be heard in the Seoul High Court on Thursday, are unconstitutional. A ruling acquitting Yoo was overturned by the Supreme Court. Yoo was previously...
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