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RETAIL BANKING | Cesar Tordesillas, Korea
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KEB told to fire Lone Star board members

South Korea's financial watchdog advised KEB to dismiss four board members from Lone Star Funds due to stock manipulation.

 

Following an inspection of the No. 5 lender, the Financial Supervisory Service said in an e-mailed statement that the four board members, including Paul Yoo, the former head of the U.S. buyout fund's local unit, were found guilty of manipulating stock prices related to Lone Star's 2003 merger of KEB's card unit.

The move came as the Financial Services Commission on Nov. 18 ordered Lone Star to reduce its 51.02 percent stake in KEB to below 10 percent within six months. A court verdict that convicted the fund of stock price rigging led it to become an illegitimate major shareholder of KEB.

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