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BUSINESS

Korean government ordered to pay Lone Star $216.5 million

The Korea Daily
By The Korea Daily
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Representatives of the Korean government and Lone Star Funds wait to pass through security at the International Centre for Settlement of Investment Disputes in Washington in May 2015. [YONHAP]
Representatives of the Korean government and Lone Star Funds wait to pass through security at the International Centre for Settlement of Investment Disputes in Washington in May 2015. [YONHAP]

An international tribunal has ordered the Korean government to pay U.S. private equity firm Lone Star Funds $216.5 million in compensation.
 
The International Centre for Settlement of Investment Disputes delivered the ruling on Tuesday in response to a damages suit filed by Lone Star Funds against the Korean government in 2012. 
 
Lone Star had filed for $4.68 billion in damages. The private equity firm claimed it was forced to pay unfair taxes and suffered losses due to the Korean government’s delay in approving a deal to sell a controlling stake in the now-defunct Korea Exchange Bank to HSBC.

Lone Star acquired the KEB stake for 1.38 trillion won ($1.03 billion) in 2003.

   

BY JIN MIN-JI [jin.minji@joongang.co.kr]

The Korea Daily
The Korea Daily
Founded in 1974, The Korea Daily (미주중앙일보) is the largest Korean media outlet in the U.S., providing in-depth coverage of local, national, and international news with a strong focus on immigration, business, and the Korean-American community. While covering major cities across the U.S., including New York, Washington D.C., Atlanta, Chicago, San Diego, San Francisco, Denver, and Dallas, as well as Vancouver and Toronto, Canada, The Korea Daily primarily focuses on news in Los Angeles County and Orange County. Headquartered in Koreatown, Los Angeles, it serves as a key news source for Korean Americans in Southern California.
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