[Log] '10-Year Dispute' Government-Lone Star ISDS Lawsuit Log

*Government-Lone Star ISDS Litigation Timeline

▲2003.8.27 = Lone Star officially acquires Korea Exchange Bank (KEB)… Acquisition price: 1.3834 trillion KRW

▲2003.10.30 = Lone Star completes acquisition of Korea Exchange Bank

▲2006.1.12 = Lone Star announces plan to sell Korea Exchange Bank

▲2006.3.13 = Deadline for submission of acquisition proposals… Kookmin Bank, Hana Financial Group, and DBS participate

▲2006.3.22 = Kookmin Bank designated as preferred bidder for Korea Exchange Bank

▲2006.11.23 = Lone Star declares termination of Korea Exchange Bank sale contract

▲2007.9.3 = Lone Star signs sale contract with Hongkong and Shanghai Banking Corporation (HSBC) worth approximately 5.9 trillion KRW

▲2009.9.19 = HSBC withdraws from Korea Exchange Bank acquisition

▲2010.4.5 = Lone Star initiates Korea Exchange Bank sale process

▲2010.11.16 = Hana Financial Group reinitiates acquisition of Korea Exchange Bank

▲2010.11.25 = Hana Financial Group signs share purchase agreement with Lone Star for Korea Exchange Bank shares worth 3.0917 trillion KRW

▲2011.3.16 = Financial Services Commission (FSC) states "Lone Star is financial capital"… postpones conclusion on ongoing eligibility

▲2011.10.25 = FSC orders Lone Star to fulfill major shareholder eligibility requirements

▲2011.11.18 = FSC orders Lone Star to sell excess shares (over 10%) in Korea Exchange Bank

▲2012.1.27 = FSC approves Hana Financial Group's acquisition of Korea Exchange Bank

▲2012.11.21 = Lone Star files arbitration request with International Centre for Settlement of Investment Disputes (ICSID), demanding $4.6795 billion (approx. 6.3 trillion KRW) in damages from the Korean government

▲2013.5.9 = Arbitration tribunal formation completed

▲2015.5.15 = ICSID holds first hearing on the case

▲2015.5~2016.6 = Four hearing sessions held

▲2020.3.6 = Presiding arbitrator Johnny Veeder resigns and arbitration proceedings suspended

▲2020.6.23 = New presiding arbitrator Ian Binnie appointed and arbitration proceedings resumed

▲2020.10.14~15 = Q&A sessions conducted via video conference

▲2022.06.29 = Declaration of arbitration proceedings conclusion

▲2022.08.31 = Award rendered

This content was produced with the assistance of AI translation services.