The South Korean government's decision to compensate the US private equity fund Lone Star was based on 'willful delay without evidence', and officials' 'refusal to explain withholding approval' seems to be the cause of the loss.
The gist of the decision released by the government on the 6th was, "The financial authorities took the 'Wait and See' policy of withholding the approval review until the sale price is cut, and this action is arbitrary and unreasonable because it is not a legitimate policy purpose." Compensation was decided by the judgment of two out of three.
The reason for the decision by the Korean government to compensate Lone Star for the 'delay of the KEB's approval of the sale of Korea Exchange Bank' in compensation of 280 billion won stems from the 'arbitrary waiting of officials'. appear.
At the core of the compensation decision, only a part of the judgment was disclosed, from 'recognition of bureaucrats' initial financial capital' to 'not disclosing reasons for intervention in the sale', and from the history of lawsuits monopolized by the government during large-scale litigation to 'refusal of bureaucrats' vocations'. .
In its ruling, the arbitral tribunal said, "In light of the fact that Lone Star was convicted of a case of manipulating the stock price of a foreign exchange card, the so-called 'Eat and Run' metaphor was further developed, and Lone Star was 'Cheat and Run'. can see,” he said.
At the three-member hearing of the International Investment Dispute Settlement Center (ICSID) arbitration tribunal under the World Bank, one minority opinion other than two said, "There is no direct evidence to attribute the (Korean government's) price-cutting pressure action to the financial authorities, It cannot be recognized that state responsibility is attributable only to preamble and speculation."
On the 31st of last month, the arbitral tribunal ordered Lone Star to pay 289 billion won out of 6.259 trillion won in damages to the Korean government.
The arbitral tribunal only acknowledged that Lone Star treated Lone Star unfairly by delaying the approval until the price dropped by the Financial Services Commission when Lone Star sold KEB to Hana Financial in 2011-2012, among several allegations made by Lone Star.
The “minority opinion” judged that “even if the pressure to cut prices can be attributed to the financial authorities, it is not a violation of international law.”
It seems necessary to disclose the response from the Ministry of Justice, which is the party to the lawsuit, to the government officials’ ‘refusal to explain delays’ at the time, such as Deputy Prime Minister Choo Kyung-ho and Bank of Korea Governor Lee Chang-yong.
Minister of Justice Han Dong-hoon foreshadowed the appeal (cancellation of the judgment), and if it loses, the additional cost of 100 billion won will be covered by the government, so public verification is a prerequisite.
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