Choo Kyung-ho, a candidate for Minister of Economy and Finance, announced that he would take a position against the government in a lawsuit against the delayed sale of Lone Star.
At the hearing, Candidate Chu responded to the decision at the time of the Vice Chairman of the Financial Services Commission in 2012, saying, "I think that maybe even if I go back to that time, if I were in that market situation, I would make that decision."
On January 16, 2020, KBS reported that Lone Star submitted an arbitration document to the International Investment Dispute Settlement Organization (ICSID) in a lawsuit filed by the Korean government in a lawsuit, confirming that the government ruled out evidence of ‘Lone Star is industrial capital’.
In 2012, Lone Star sold its stake in KEB to Hana Financial Group and started a lawsuit for $4.7 billion in damages by filing an ISD (Investor-State Dispute) against the Korean government.
Candidate Choo was listed in an “exception” official document to allow Lone Star to sell KEB to the banking system manager of the Ministry of Finance and Economy when it took over KEB in 2003.
At the time, KBS reported that "This is the core logic of the Korean government that abandoned the industrial capital issue, the biggest weakness of Lone Star, but even this revealed a loophole."
Candidate Chu has been opposed to ‘prove the industrial capital of Lone Star’ since the head of the banking system department of the Ministry of Finance and Economy, and when he was nominated, he said, “The market has been normalized by selling Lone Star in the face of a fall in the stock price of KEB.”
At the hearing at the National Assembly, Rep. Yang Kyung-sook asked, "The candidate continued to have various suspicions while Lone Star bought and sold KEB. I think I will do that. I think that maybe even going back to that time, if I had been in that market situation, I would have decided that way.”
Lone Star requested the government to “recognize industrial capital” in September 2008, and the vice chairman of the Financial Services Commission at the time was Lee Chang-yong, governor of the Bank of Korea, and candidate Han Deok-su served as prime minister until February of that year.
In 2011, the Supreme Court found Lone Star guilty of manipulating the stock price of foreign exchange cards.
Lone Star submitted a letter of intent to take over KEB in November 2012, and in March 2013, candidate Chu served as the head of the banking system at the Ministry of Finance and Economy until 2015.
Han became the head of the Office of Government Policy Coordination in February 2004, the Deputy Prime Minister (Minister of Finance) in March 2005.
Candidate Chu became vice chairman of the Financial Services Commission in September 2011, and Lone Star sued the government for $4.7 billion in damages in November of that year.
Lone Star recovered most of the principal through partial sale of shares and quarterly dividends from its 2.154.8 trillion won investment in acquiring a stake in Korea Exchange Bank in 2003.
Lone Star's claim against the Korean government was due to the sale of a 51.02% stake (329.4 million shares) in Hana Financial and KEB with a 4.68 trillion won (14,250 won per share) contract. It started with a claim for loss.
"The current domestic and international crisis is no different from wartime," Yoon Seok-yeol, the elected National Integration Committee, said on the 1st of last month.
The typical American freedom of breaking down borders of financial capital in the strategy of depriving bureaucrats of the political right of self-determination of their own farmers and workers in the bureaucrats' strategy of 'establishing a social security net by increasing taxes through FTA' and 'returning foreign capital to normalize the market' by candidate Choo Market Injection It is an ideology of creating a pro-American government through administrative dictatorship in Latin America.
Park Hong-geun, floor leader of the Democratic Party of Korea, announced on the 3rd that he had approved the 'report adoption' of candidate Chu.
Candidate Choo received 1.1 billion won from his mother-in-law's money from the Hana Financial Investment Fund as a gift to his wife's children in 2017 when he became a member of the National Assembly. The gift tax records have not been submitted to the hearing.