Lone Star to pursue arbitration over KEB exit
Lone Star Funds plans to initiate arbitration proceedings against the South Korean government regarding its $3.5 billion exit of Korea Exchange Bank (KEB) to Hana Financial. The US private equity firm claims the government interfered with its rights as a major shareholder in the bank, violating obligations codified in an investment treaty between Belgium and South Korea.
Lone Star purchased a 51% stake in KEB for $1.2 billion in 2003 but subsequently ran into regulatory problems. Last year the private equity firm was found guilty of manipulating KEB's stock price around...
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