Citizen Groups Demand Punishment and Accountability for Han Duck-soo and Choo Kyung-ho Related to Lone Star Sale

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] Regarding the international arbitration tribunal ruling that the government must compensate approximately 280 billion KRW to the foreign private equity fund Lone Star, civic groups have argued that government officials involved in Lone Star's acquisition and sale of Korea Exchange Bank in the past should be punished. Specifically, Prime Minister Han Duck-soo and Deputy Prime Minister for Economy (Minister of Strategy and Finance) Choo Kyung-ho were mentioned.

At around 10 a.m. on the 1st, civic groups including People's Solidarity for Participatory Democracy and the Citizens' Coalition for Economic Justice (CCEJ) held a joint press conference titled "Joint Press Conference of Political Parties and Civic Groups Regarding the Lone Star Compensation Result" at the National Assembly Communication Hall in Yeouido, Seoul. Democratic Party lawmaker Min Byung-duk and Justice Party lawmaker Bae Jin-kyo also participated in the press conference.

In their statement, the groups said, "It should not be approached as if there is no problem because the compensation amount is less than the claimed amount," and added, "Responsibility must be held accountable for the financial authorities who effectively condoned and assisted the fraudulent acts of a single private equity fund that violated and mocked the economic legal order of the Republic of Korea."

They also argued that current government officials should be held responsible for this incident. People's Solidarity for Participatory Democracy stated, "The truth behind the suspicions that the 'Mofia' served Lone Star's embezzlement activities must be investigated through National Assembly hearings and prosecution investigations," and added, "Strict legal judgment must also be demanded." The term "Mofia" is a portmanteau of the former Ministry of Strategy and Finance (MOSF) and mafia, referring to officials from the Ministry of Strategy and Finance who entered politics and finance sectors and wielded strong influence.

The National People's Action, the Lawyers for a Democratic Society Trade Committee, and lawmaker Min said, "The speculative profits, including the 4.7 trillion KRW already taken by Lone Star and interest, plus an additional 300 billion KRW to be taken, are all taxpayers' money and the blood and tears of workers," and added, "Disclosure of the arbitration ruling is essential for punishment and accountability of the involved parties such as Prime Minister Han, Deputy Prime Minister Choo, and Financial Services Commission Chairman Kim Ju-hyun."

The day before, CCEJ also stated in a commentary, "Accomplices who helped Lone Star's illegal acquisition and sale, including Kim Dae-gi, Choo Kyung-ho, Kim Ju-hyun, and Lee Chang-yong, must take political and moral responsibility and resign from all public offices," urging a National Assembly-level investigation into the truth and measures to prevent recurrence.

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