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Lone Star files for international arbitration for KEB sale

Collected: 2016.09.03

Distributed: 2016.09.05

Source: Go Direct

Hana Financial Group Inc. faces a 559.6 billion won ($501 million) lawsuit from a unit of U.S.-based private equity firm Lone Star Funds. The group said Friday that LSF-KEB Holdings, a subsidiary of Lone Star Funds who had bought the majority share of Korea Exchange Bank (KEB) in 2003, sought arbitration from the International Court of Arbitration against Hana demanding 559.6 billion won in damages.

Hana Financial Group bought 51.02 percent stake in KEB from Lone Star Funds in February 2012. Out of total sales value of 3.9157 trillion won, Hana actually paid 2.024 trillion won excluding 391.6 billion won in withholding taxes and Hana’s 1.5 trillion won loan to Lone Star.

Lone Star claims it did not get a good price for the stake because the government dithered too long on approving the sale plan.

Lone Star Funds filed investor-state dispute (ISD) against the Korean government, demanding more than 5 trillion won in compensation for interference in its business in Korea.

By Chung Ji-sung

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