ID :
31968
Mon, 11/24/2008 - 10:51
Auther :
Shortlink :
https://oananews.org//node/31968
The shortlink copeid
Seoul court says KEB sale to Lone Star was 'unavoidable'
SEOUL, Nov. 24 (Yonhap) -- A district court ruled Monday the 2003 sale of Korea
Exchange Bank to U.S. equity firm Lone Star Funds was an "unavoidable" decision
amid the country's slumping economy, clearing a long-delayed case that has held
the deal in a limbo.
"Korea Exchange Bank needed a large amount of capital injection at the time,"
said Judge Lee Kyoo-jin of the Seoul Central District Court. "And there was no
new major investors stepping out at that time except Lone Star... It was
unavoidable to pursue the management-rights transfer."
(END)
Exchange Bank to U.S. equity firm Lone Star Funds was an "unavoidable" decision
amid the country's slumping economy, clearing a long-delayed case that has held
the deal in a limbo.
"Korea Exchange Bank needed a large amount of capital injection at the time,"
said Judge Lee Kyoo-jin of the Seoul Central District Court. "And there was no
new major investors stepping out at that time except Lone Star... It was
unavoidable to pursue the management-rights transfer."
(END)
