South Korea says it plans to challenge a World Bank tribunal’s order to pay $216.5 million plus interest to Texas-based Lone Star Funds following a decade-long dispute over the private equity firm’s sale of the Korea Exchange Bank.
South Korean Justice Minister Han Dong-hoon said Wednesday that his government finds the ruling unacceptable because there is no fault in the way financial authorities handled the 2012 sale. He said the ministry is considering seeking an annulment of the order and other steps so that “not a penny of our nation’s blood-like taxpayer money is spilt.”
