Yeo: "Yoon's Incompetent Economic Team That Led to Lone Star Tax Waste Must Be Reexamined"

by Ku Chaeeun

Published 31 Aug.2022 16:32(KST)

Yeo "Deputy Prime Minister Choo Kyung-ho, the Beginning and End of This Disaster" Criticism

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] The Democratic Party of Korea criticized the Lone Star ruling as a "disaster caused by incompetent economic officials."

Park Sung-joon, spokesperson for the Democratic Party, said in a statement, "Chu Kyung-ho, Deputy Prime Minister for Economic Affairs, and Kim Ju-hyun, Chairman of the Financial Services Commission, who lead the economic line of the Yoon Seok-yeol administration, were the very people who triggered the disaster of wasting trillions of public funds due to incompetent policy decisions during the Lee Myung-bak administration."

He added, "In particular, Deputy Prime Minister Chu Kyung-ho, who served as the head of the banking system division at the Ministry of Finance and Economy in 2003, was involved in the process of selling Woori Bank to Lone Star, which can be seen as both the beginning and the end of this disaster."

He further stated, "The government plans to file an objection to this ruling. We urge them to do their best to ensure that public funds are not wasted through a thorough response."

Spokesperson Park emphasized, "The Yoon Seok-yeol administration must not only take this disaster as a lesson to prevent its recurrence but also reexamine the economic line responsible for the Lone Star public fund waste incident."

Meanwhile, on the same day, the Ministry of Justice received a ruling from the International Centre for Settlement of Investment Disputes (ICSID) arbitration tribunal regarding the Investor-State Dispute Settlement (ISDS) case, ordering the Korean government to compensate Lone Star $216.5 million (based on an exchange rate of 1,300 KRW per USD, approximately 280 billion KRW; at the current exchange rate, 292,339,950,000 KRW).