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Lone Star Founder Seeks to Ease Anger
Lone Star’s founder and chairman John Grayken arrived in Seoul Tuesday to meet key finance officials and prepare countermeasures for ongoing investigations into the fund’s purchase of Korea Exchange Bank in late 2003.
Ellis Short, the chairman’s right-hand man and the fund’s vice chairman, also visited later in the day.
The visit by Lone Star bigwigs comes at a time when state auditors and prosecutors are digging deeper into the allegations that the fund took over KEB at a dirt cheap price as a result of lobbying and manipulation of key financial data. The fund’s Korean office is also suspected of evading taxes and taking money out of the country without regulatory approval.
``The chairman is likely to make a proposal to ease growing public anger on Lone Star’s alleged irregular activities here,’’ a National Tax Service official said. ``Lone Star is expected to arrange meetings with key officials to find ways of leaving the country unscathed.’’
# The Korea Times [April 19, 2006]
-By Na Jeong-ju
Staff Reporter
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