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Suwoner10
Joined: 10 Dec 2007
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 Posted: Wed Jan 16, 2008 4:11 pm Post subject: S Korea Seeks 10-Year Prison Term for LoneStar Exec |
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SEOUL, Jan 16 (Reuters) - South Korean prosecutors on Wednesday pressed for a 10-year jail term for the head of Lone Star's [LS.UL] Korean operations on charges of driving down the stock price of a former credit card so as to absorb it cheaply.
http://www.reuters.com/article/privateEquity/idUSSEO2230520080116
Lone Star case deterring investment in SKorea: commerce chamber
SEOUL (AFP) � Legal problems faced by US buyout firm Lone Star are scaring away much-needed foreign investment in South Korea, a US business group said Wednesday.
"This case is already having a significant negative impact on foreign direct investment at a time when Korea's FDI (foreign direct investment) is already declining," said Tami Overby, president and CEO of the American Chamber of Commerce in Korea.
She urged courts to settle the cases quickly "in a manner consistent with international standards".
Grayken denied the allegations last Friday when he testified for Yoo. He has previously charged that the investigations into his firm are driven by a latent hostility towards foreign investors.
http://afp.google.com/article/ALeqM5gJsMnQulS2C8WChbOyQRU_08u7Kg
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Korea Sparkling! |
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bassexpander
Joined: 13 Sep 2007
Location: Someplace you'd rather be.
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| Posted: Wed Jan 16, 2008 4:27 pm Post subject: |
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Thanks for bailing us out when we were down... now we're going to SUE you so you can't keep what you paid for.
And Korea wonders why nobody wants to invest here.... |
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Suwoner10
Joined: 10 Dec 2007
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| Posted: Wed Jan 16, 2008 4:32 pm Post subject: |
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| bassexpander wrote: |
Thanks for bailing us out when we were down... now we're going to SUE you so you can't keep what you paid for.
And Korea wonders why nobody wants to invest here.... |
...or be here...or deal with Koreans in any way...
Korea is an ugly, ugly place...literally and metaphorically. |
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GoldMember
Joined: 24 Oct 2006
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| Posted: Wed Jan 16, 2008 4:39 pm Post subject: |
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On top of all s Grayken who HAS NOT BEEN CHARGED WITH ANYTHING, is barred from leaving Korea.
Seems akin to hostage taking.
Also the guy was "questioned" for 11 hours.
This I don't understand. In Korea you can get a subpoena to appear in court but apparently if you don't want to you don't have to attend.
So why is this guy being forcibly grilled, when as a witness, you don't have to provide testimony if you do't want to.
Was the Hanwa Chairman "questioned" for 11 hours, was LMB questioned for 11 hours over his scandal, what about the Samsung and Hyundai dudes? |
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CeleryMan
Joined: 12 Apr 2007
Location: Seoul
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| Posted: Wed Jan 16, 2008 4:45 pm Post subject: |
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This Lonestar dude came into a Korean kitchen and taught the head chef how to make Kimchee more efficiently resulting in a better tasting product that attracted outsiders who were willing to pay upwards of $5B for this new and improved Kimchee.
The Texan loses, Kookmin loses, HSBC loses and most importantly Korean consumers again lose.
Pride is a b itch ain't it?
(Meanwhile Korea takes a major position in the $21B bailout of Merrill Lynch and Citigroup) |
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Troll_Bait
Joined: 04 Jan 2006
Location: [T]eaching experience doesn't matter much. -Lee Young-chan (pictured)
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| Posted: Wed Jan 16, 2008 4:56 pm Post subject: |
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| A very smart guy named Wedge wrote: |
Make no mistake, Lone Star is guilty of one thing: making too much money in Korea and trying to bring it home.
They bought an ailing KEB when nobody else, Korean or foreign, was willing to buy. Then they (through KEB) bought the way negatively valued turd that was KEB Card, issuers of credit cards to such beacons of creditworthiness as teenagers, for real cash money as a sop to the FSS and �Korean feeling� when it should�ve been taken off life support and died a quiet death. Next, they turn around KEB and make it one of the most attractive banks in Korea, incidentally not just saving, but vastly strengthening, the rabid unionistas� jobs in the process.
And for this they get continuously shat upon by the flock of seagulls known as the prosecutors and the Korean media. Yes, you might say this is possibly a wee bit damaging to the impression foreign investors may have of this country. |
http://english.chosun.com/w21data/html/news/200801/200801160024.html
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| Meanwhile, the Wall Street Journal on Monday said the Korean travel ban on Grayken �highlights risks of doing business� in Korea. |
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Troll_Bait
Joined: 04 Jan 2006
Location: [T]eaching experience doesn't matter much. -Lee Young-chan (pictured)
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| Posted: Thu Jan 17, 2008 6:17 pm Post subject: |
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http://www.koreatimes.co.kr/www/news/nation/2008/01/117_17488.html
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Travel Ban for Lone Star Head Extended 10 Days
The prosecution Thursday extended the overseas travel ban imposed on John Grayken, chairman of Lone Star Funds, to 10 days for further questioning over alleged irregularities involving the fund's acquisition of the Korea Exchange Bank back in 2003.
The head of Texas, Dallas-based private equity firm, who arrived here on Jan. 9, will be prohibited from leaving the country until Jan. 29.
The chairman has appeared everyday at the Seoul District Prosecutors' Office in Seocho-dong, southern Seoul, since Monday and has undergone a 12-hour-long questioning each day.
He left the prosecutors' Office around 10:30 p.m. on Wednesday looking extremely exhausted.
``It is still too early to consider Grayken's criminal punishment. We're still in the early stage of the investigation,'' Song Hae-eun, a prosecutor in charge, told reporters.
Meanwhile, prosecutors sought a 10-year prison sentence Wednesday during the trial of the head of Lone Star's Seoul office, Paul Yoo, for alleged stock price manipulation and spreading false rumors of a capital reduction of KEB, a prosecutor said.
Prosecutors also asked for a fine of 4.2 billion won for the Korean representative.
Yoo was indicted last year along with Lone Star for allegedly rigging the stock price of KEB's credit card unit.
The Lone Star chairman denied the allegations last week when he took the stand as a defense witness for his Korean business partner Yoo.
Lone Star bought a 50.5 percent stake in KEB in 2003 and later increased its holdings to 64.6 percent. Between these deals, the credit card firm was merged with the bank, resulting in about 22.6 billion won ($24.4 million) in losses for minor shareholders.
In June last year, Lone Star sold a 13.6 percent stake in KEB, but it still holds 51.02 percent of shares in the bank.
Lone Star has cancelled its attempts to sell the full stake, as the Financial Supervisory Commission refused to approve a deal until all legal problems are cleared up. In its latest move in September, Lone Star signed a $6.3 billion contract with London-based HSBC Holdings to sell its stake by April. |
Criminal punishment for Grayken? For what? He hasn't even been formally charged with anything yet, much less been put on trail. He came here voluntarily as a witness. |
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Suwoner10
Joined: 10 Dec 2007
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| Posted: Thu Jan 17, 2008 7:13 pm Post subject: |
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The most disturbing thing in this is that even the Koreans that are for calling off the dogs on Graykin cite Korea's image for the reason behind it. So basically, if they could throw Graykin in prison for life without "foreigners" knowing, they would. Even the Koreans who want this witch hunt to stop think he's likely a bad guy who profited from hard-working Koreans.
pathetic. |
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Suwoner10
Joined: 10 Dec 2007
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| Posted: Thu Jan 17, 2008 7:16 pm Post subject: |
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| Quote: |
| Lee said his government will improve the investment environment for foreign enterprises, lift various kinds of regulations, and stabilize labor relations. But Lee would not be drawn on the ongoing questioning of Lone Star chairman John Grayken over suspected irregularities in the purchase of Korea Exchange Bank, which has drawn some international criticism. �I don't think it�s appropriate to talk about the issue, given the legal proceedings. But generally speaking, I believe that Korean businesspeople must respect foreign laws when they invest in foreign countries and foreign investors must respect Korean laws when they invest in Korea." |
http://english.chosun.com/w21data/html/news/200801/200801180011.html
Even LMB, Mr. Businessman, is convinced Graykin is a crook. Christ. Why can't Koreans look at facts and logic? But in a way it's funny, Koreans are shooting themselves in the foot, hard...
| Quote: |
The current year has begun well for M&A advisers in Korea, after a mixed 2007.
Private equity firms stood on the sidelines for much of 2007 as they awaited a resolution to Lone Star's problems with exiting Korea Exchange Bank (KEB). In late 2007 Lone Star announced a deal to sell KEB to HSBC but key approvals for the deal are still not in place.
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http://www.financeasia.com/article.aspx?CIaNID=68395
Forbes:
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SEOUL, South Korea - President-elect Lee Myung-bak pledged Thursday to encourage more international businesses to set up in South Korea as state prosecutors grilled a high-profile investor in a case critics say is keeping foreign capital away.
"I will significantly improve Korea's investment climate for foreign firms," Lee told a press conference with overseas media. "I will do all I can to build a more favorable business environment that meets global standards."
As Lee spoke, John Grayken, the chairman of U.S. private equity group Lone Star Funds, was undergoing a fourth straight day of interrogation while barred from leaving South Korea.
Senior prosecutor Song Hai-eun said that Grayken had been summoned for questioning every day this week, though would not confirm a report by Yonhap news agency that a travel ban had been extended for 10 days.
Lee, who was elected last month on a platform vowing to boost economic growth and create jobs, has said that foreign investment can play a vital role in achieving those aims.
On Tuesday, he told a gathering of business executives from the United States, Europe and Japan that he understands difficulties they face doing business in South Korea, citing high tax rates, labor troubles and lack of predictability regarding economic policy. He vowed to incorporate their views in an aggressive reform agenda after taking office Feb. 25.
But the plight of Lone Star, which wants to sell its stake in an investment it made over four years ago in a troubled South Korean bank it nursed back to health, has highlighted challenges Lee, a former CEO, may face in wooing foreign capital.
Tami Overby, president of the American Chamber of Commerce in Korea, said the Lone Star issue has already hurt foreign direct investment.
"This case is having a significant negative impact on FDI at a time when FDI into Korea is already declining," Overby said at a press conference Wednesday.
The government announced earlier this month that pledged foreign direct investment into South Korea fell 6.5 percent in 2007 to US$10.51 billion (euro7.2 billion), the third consecutive annual decline.
Lone Star took over struggling Korea Exchange Bank (other-otc: EXSR.PK - news - people ) in late 2003. But efforts to sell its interest in the country's sixth-largest lender have run into trouble amid legal and tax disputes that have generated negative public sentiment.
Grayken said last week after arriving to testify at a trial in which the Dallas, Texas-based buyout group is a defendant, that prosecutors had imposed the travel ban, a move he called unnecessary.
Prosecutors have only said they have questions they want to ask the Lone Star chairman, who has not been charged.
Lone Star has battled suspicions that it conspired with South Korean government officials to understate the financial health of KEB to facilitate the purchase, claims Lone Star vehemently denies.
The fund and its South Korean country chief are on trial for allegedly manipulating the stock price of its credit card unit, also in 2003.
Grayken, testifying in that case last week, called the allegation "completely untrue."
Prosecutors on Wednesday sought a 10-year prison term for Paul Yoo, Lone Star's country head, in the case. A verdict is due Feb. 1.
Lee, the incoming president, refused to comment on the Lone Star case Thursday, citing the ongoing legal process.
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Associated Press writers Burt Herman, Hyung-Jin Kim and Jae-Yeon Lim in Seoul contributed to this report. |
It's strange reading well-written articles after being subject to third-rate Korean and Asian English-language pap. |
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Thu Jan 17, 2008 7:26 pm Post subject: |
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Underground Economy Accounts for 30% of GDP
by Park Hyong-ki, The Korea Times (January 17, 2008)
http://www.koreatimes.co.kr/www/news/biz/2008/01/123_17466.html
http://www.koreatimes.co.kr/upload/news/080117_p01_underground.jpg
31 Convicted Businessmen to Be Given Amnesty
by Lee Jin-woo, The Korea Times (May 13, 2005)
http://times.hankooki.com/lpage/200505/kt2005051317292810160.htm
The above link may be out of date
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Thirty-one businessmen convicted of bribery, accounting fraud and other criminal charges will be given special amnesty on the occasion of Buddha�s Birthday Sunday, the Ministry of Justice said Friday....
The special amnesty is designed to restore the businessmen's honor and reinstate them so that they can concentrate on reviving the economy. |
Roh to issue pardons for 31 executives
by Kim Hyeon-kyeong and Shin Yong-ho, JoongAng Daily (May 13, 2005)
http://joongangdaily.joins.com/article/view.asp?aid=2568014
Roh Commutes Sentences of 6 Death-Row Inmates
By Kim Yon-se, The Korea Times (December 31, 2007)
http://www.koreatimes.co.kr/www/news/nation/nation_view.asp?newsIdx=16476&categoryCode=116
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| President Roh Moo-hyun granted a special pardon for 75 people, including 21 businessmen and 30 politicians and public servents, Monday. Of them, six inmates on death row had their sentences commuted to life imprisonment under Roh's final special amnesty. Roh's five-year term ends on Feb. 25.... |
Don't Abuse Pardon
Korea Times (December 25, 2007)
http://www.koreatimes.co.kr/www/news/opinon/opi_view.asp?newsIdx=16139&categoryCode=202
Founder of Daewoo Group among 100 to be pardoned
JoongAng Daily (December 29, 2007)
http://joongangdaily.joins.com/article/view.asp?aid=2884456
142 pardons are granted
by Chun Su-jin and Choi Sang-yeon, JoongAng Daily (August 11, 2006)
http://joongangdaily.joins.com/article/view.asp?aid=2797831
Revise the amnesty law
JoongAng Daily (August 12, 2005)
http://joongangdaily.joins.com/article/view.asp?aid=2605864
4.22 Mil. Pardoned on Liberation Day
by Kim Rahn, Korea Times (August 12, 2005)
http://times.hankooki.com/lpage/nation/200508/kt2005081217273111950.htm
The above link may not work
| Quote: |
Dozens of politicians and lawmakers involved in illegal fundraising during the 2002 presidential election have been granted amnesty on the 60th anniversary of Liberation Day, which falls on Aug. 15.
In a Cabinet meeting, the government decided to grant pardons to some 4.22 million people, including politicians. This is the fourth largest number of people who have been granted amnesty: 7 million in 1995, 5.5 million in 1998 and 4.8 million in 2002. |
Alternative link with the above article at
http://www.theasianjournal.com/mystic/koreanews03.htm |
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CentralCali
Joined: 17 May 2007
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| Posted: Thu Jan 17, 2008 7:44 pm Post subject: |
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| "Consistent with international standards?" I tell you, I need to read more Korean newspapers. I'm just not getting enough humor from the Comics pages of Stars & Stripes. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Thu Jan 17, 2008 8:39 pm Post subject: |
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Korea screws up its economy in 1997.
Foreigners move in, show how Koreans to do it right. Save their butts. Pride goes right into the toilet.
Koreans realize this wasn't an act of charity, leaving them with highly profitable banks.
I think the only thing they can really hang Lone Star on is if the bank was truly made to look worse on paper than it actually was. |
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blaseblasphemener
Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be
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| Posted: Thu Jan 17, 2008 10:24 pm Post subject: |
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The ethics of Koreans in general turns my stomach.
What an aborhent morally bankrupt society. |
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ryouga013
Joined: 14 Sep 2007
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| Posted: Sat Jan 19, 2008 9:01 am Post subject: |
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| blaseblasphemener wrote: |
The ethics of Koreans in general turns my stomach.
What an aborhent morally bankrupt society. |
What? According to Korean law, they can sue us for that too? feck  |
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