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Lone Star's "eat and run" in S. Korea

whowireduniedit

2011.11.20 (18:18:35)

lone star in Korea.JPG

Controversy over Lone Star Fund's attempt to sell Korea Exchange Bank (KEB) flared afresh in South Korea. KEB's union protested against the Dallas-based fund's selling a majority stake in the bank to Hana Financial Group, and politicians voiced their objections against Lone Star's exit from the country with huge profits. Public hatred for foreign capital deepened amid growing conflicts.

KEB's unionized workers gathered Friday in front of the headquarters of the Financial Services Commission (FSC), asking the financial regulator to issue a punitive selloff order to Lone Star rather than to allow the U.S. private equity fund to walk away from South Korea with a large profit.

Politicians joined the union's call for the compulsory selloff.

Three opposition members at the National Assembly's state affairs committee urged the regulator during their surprising visit to the headquarters on Thursday to examine whether Lone Star is a non- financial business operator, or industrial capital, ahead of ordering the fund to sell KEB.

[Via] Xinhua

[Image] Boomberg

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