In response to the decision of an international arbitration organization to compensate Lone Star, a foreign private equity fund, of about 280 billion won on the 31st, the People’s Power made a statement saying, “The Yun Seok-yeol government and the people’s power will respond strictly in line with the national interest.”
In a commentary on the same day, Senior Spokesperson Park Jeong-ha said, “In the case of an investor-state dispute resolution (ISDS) case related to the sale of KEB against the Korean government by Lone Star, an American private equity fund, the ISDS arbitral tribunal cited some of Lone Star’s claims and claimed about 6 “We said that we are responsible for compensation for about 292.5 billion won, or 4.6% of the 100 trillion won,” he said.
“The arbitration tribunal accepted the Korean government’s position and excluded the claims related to taxation and the transaction process between Lone Star and HSBC from the scope of compensation,” said Park. He said, “The Yoon Seok-yeol government cannot agree to the compensation order.”
“The Yoon Seok-yeol administration is regretting the decision of the arbitral tribunal and is considering starting the appeal process by filing an application for cancellation of the award,” Park said.
In addition, senior spokesperson Park said, “The sale price was lowered as a result of Lone Star’s loss of negotiating power due to judicial risks such as the ‘foreign exchange card stock price manipulation case’ in the transaction with Hana Bank, and there is no evidence that the government authorities intervened.” Moreover, in the case of KEB’s stock price manipulation, the court ruling found that Lone Star, the largest shareholder of KEB at the time, deliberately spread false rumors and took over KEB at a price close to half of the standard acquisition cost.” did.
Lastly, Senior Spokesperson Park said, “The government of the Republic of Korea has treated all foreign companies operating in Korea fairly and fairly by observing domestic and international laws and regulations.” We will also come up with a response plan for the people,” he said.
Kim Soo-hyun, reporter at Hankyung.com ksoohyun@hankyung.com