"I Cannot Agree to the Lone Star Compensation Order... Will Respond Strictly in Accordance with National Interests"

[Image source=Yonhap News]

[Asia Economy Reporter Kim Young-won] The People Power Party expressed its position on the Lone Star ruling, stating that it "cannot agree" and will "respond strictly in accordance with national interests."

Park Jeong-ha, the senior spokesperson for the People Power Party, commented on the Investor-State Dispute Settlement (ISDS) case filed by the U.S.-based private equity fund Lone Star against the Korean government regarding the sale of Korea Exchange Bank on the 31st. He said, "The ISDS arbitration tribunal partially accepted Lone Star's claims in its decision, stating that our side is liable for compensation amounting to approximately 292.5 billion KRW, which is 4.6% of the claimed amount of about 6.1 trillion KRW," adding, "The Yoon Seok-yeol administration expresses regret over the arbitration tribunal's decision and is considering initiating an appeal process by filing a motion to annul the ruling."

He stated, "The Yoon Seok-yeol administration cannot agree with the compensation order," and added, "The transaction with Hana Bank was a result of Lone Star's weakened negotiating power due to judicial risks such as the 'Korea Exchange Card stock manipulation case,' and there is no evidence that government authorities intervened to lower the sale price."

Furthermore, he emphasized, "Moreover, in the 'Korea Exchange Card stock manipulation case,' the court recognized as guilty the fact that Lone Star, which was the major shareholder of Korea Exchange Bank at the time, intentionally spread false rumors about capital reduction and acquired Korea Exchange Card at nearly half the expected acquisition cost," and stressed, "All past Korean governments have treated all foreign companies operating domestically fairly and impartially in compliance with domestic laws and international regulations."

Senior spokesperson Park said, "The People Power Party and the Yoon Seok-yeol administration will prepare response measures solely from the perspective of national interest and for the people."

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