The ongoing suit over a multibillion-dollar investment compensation against U.S. private equity firm Lone Star is a battle with no retreat for the South Korean government, which has much to lose.
The $4.7 billion dispute settlement has so far cost 24 billion won ($22 million) in litigation expenses, and the amount is expected to escalate further in upcoming years, now that the hearing has kicked off.
Much to Seoul’s concern, however, the legal dispute is currently in a deadlock, with no conspicuous signs of victory so far.
Last Friday, the International Center for Settlement of Investment Disputes, an international arbitral organization, kicked off its 10-day hearing in Washington, D.C., to judge whether the Korean government caused financial damages to Lone Star during the latter’s sell-off of Korea Exchange Bank.
The suit, which was filed in November 2012, cost 4.8 billion won in 2013, 8 billion won in 2014 and 11.2 billion won so far this year, according to data submitted by the Ministry of Justice to the National Assembly.
"... It is only in this way that we can hope to arrive at truth, and fulfill the great responsibility which we hold to God and our country. Should I keep back my opinions at such a time, through fear of giving offense, I should consider myself as guilty of treason towards my country, and of an act of disloyalty toward the Majesty of Heaven, which I revere above all earthly kings."....I know not what course others may take; but as for me, give me liberty or give me death!"
Monday, May 18, 2015
LONE STAR AFTER SELLING KEB FOR $3.7 BILLION TO HANA FINANCIAL BUT LOST OUT ON A $5.7 BILLION SALES FROM HSBC AFTER MAKING MILLIONS IF NOT BILLIONS FROM THE KOREAN MARKET IN THE 1990’S HAS FILED A LAWSUIT AGAINST THE KOREAN GOVERNMENT FOR MOVING TOO SLOW IN APPROVING THE SALE DURING THE 2008 HOUSING BUBBLE RECESSION CAUSED BY THE DEMOCRATS–SOUNDS MORE LIKE POSSIBLY AN INSIDE TRADING TO JUMP SHIP BEFORE THE MARKET COLLAPSED AND NOW PAY BACK TIME FOR MISSING THE INSIDE INFORMATION JUST POSSIBLY–AS HEARING NOW PROCEEDS IN WASHINGTON DC TO FIND FAULT–IRREGARDLESS THAT THE DEMOCRATS FROM THE LIKES OF PELOSI (D-CA) AND CLINTON (D- NY) EMBRACED THE SAME ATTITUDE TO FORCE BANKS TO PAY FOR THE RISKY LOAN DEBACLE IN THE US
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment