Hana’s KEB takeover deal temporarily put on hold

The FSC plans to end the Lone Star chief Paul Yoo’s stock manipulation case within the month.

Hana Financial’s takeover of the Korea Exchange Bank (KEB) has been delayed but not for long with a top regulator already promising to make a decision this month.

The Financial Services Commission (FSC) did not discuss Lone Star Funds’ eligibility as a KEB major shareholder at a meeting Wednesday afternoon.

A spokesman confirmed that a decision will be made at its next meeting to be held in two weeks or during an emergency meeting.

"We did not put the Lone Star case on the table this time,” an FSC spokesman said. “We set up a plan to end the Lone Star case in April. We will follow it.”

FSC Chairman Kim Seok-dong told reporters last week that action would be taken on the Texan buyout fund case within this month.

Lone Star’s eligibility as the major shareholder of KEB has been a hot issue as the Supreme Court overturned a high court decision on March 10, which had cleared the fund’s Korean unit chief Paul Yoo of stock manipulation allegation. Yoo was suspected of being involved in manipulating stock prices of KEB’s credit card subsidiary in 2003 to enable Lone Star to buy it cheaply.

View the full story in The Korean Times.

Follow the link for more news on

Also Read

MUFG employee steals up to $12.9m from safe deposit boxes

Why Singapore banks are a ‘safe haven’ from US market volatility

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit