Lone Star disappointed in amount of award over dispute with South Korea
9:10 pm Wednesday, August 31st, 2022
SEOUL (Reuters) – U.S. private equity firm Lone Star Funds said it was disappointed in the amount an international tribunal ordered South Korea to pay as damages over its sale of Korea Exchange Bank, according to a statement received on Thursday.
“We are disappointed in the amount of the award which fails to fully compensate Lone Star and its investors for losses,” it said, without disclosing what it would do with the ruling by the International Centre for Settlement of Investment Disputes.
Lone Star had sought payment of $4.68 billion in a claim it filed in November 2012, of which the World Bank Group organisation ordered the South Korean government in a ruling received on Wednesday to pay $216.5 million plus interest.
South Korea’s justice minister said on Wednesday the ruling was unacceptable and that he would consider seeking the annulment of the order.
(Reporting by Choonsik Yoo; Editing by Stephen Coates)
