Han Donghoon: "Lone Star Victory Not Lee Administration's Achievement... Proud to Have Led the Appeal as Justice Minister"
Led Annulment Lawsuit as Justice Minister
"Democratic Party and Progressive Media Strongly Opposed at the Time"
Stressed, "No Taxpayer Money for Stock Price Manipulators"
Former People Power Party leader Han Donghoon stated on the 19th, "The victory in the Lone Star appeal is not an achievement of the Lee Jaemyung administration."
In an interview with SBS Radio on this day, Han made these remarks regarding South Korea's complete victory in the investor-state dispute (ISD) at the International Centre for Settlement of Investment Disputes (ICSID), an organization under the World Bank, which lasted for 13 years. He explained, "The 280 billion won, which is about 4.6% of the 6 trillion won that Lone Star demanded in August 2022, was much less than expected, so at the time there was a sense of satisfaction and some considered it a good outcome, suggesting we should not proceed with an annulment suit." He continued, "As Minister of Justice at the time, I took the lead in filing the annulment suit."
This case stems from Lone Star's lawsuit, filed in January 2012, claiming that Korean financial authorities deliberately delayed approval for the sale of Korea Exchange Bank to Hana Financial Group, causing Lone Star to miss the optimal timing for the sale. Previously, in August 2022, the ICSID arbitration tribunal partially accepted Lone Star's claims and ordered the Korean government to pay $216.5 million in damages. The Ministry of Justice filed for annulment of the decision with ICSID in September 2023. Han was serving as Minister of Justice when the annulment application was filed.
Regarding the appeal, Han said, "At the time, the Democratic Party and progressive media insisted there was no chance, claiming 'Han Donghoon is just promoting himself,' and strongly opposed and obstructed the process." He added, "I believed that not a single penny of taxpayers' money should go to stock price manipulators." He emphasized, "As a result announced yesterday, South Korea's responsibility is zero. We have won completely." He described the victory as "a good thing for the people of South Korea," and added, "Having been involved in this matter in various capacities for nearly ten years, I feel both relieved and proud."
Han pointedly remarked, "If we had lost, wouldn't everyone have blamed Han Donghoon?" He continued, "Now that we've won, Prime Minister Kim Minseok stepped forward to brief the public as if the Lee Jaemyung administration had accomplished something, but the final arguments in the appeal case took place from January 21 to 23, 2025, before the Lee Jaemyung administration even began." He added, "If you're going to sell a story, at least make it believable. To claim we won because of the Lee Jaemyung administration is an insult to the public's intelligence."
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Regarding the reasons for the victory, he said, "In Western countries, stock price manipulation is considered extremely serious." He further explained, "I repeatedly argued, 'Does it make sense for people who manipulated stock prices and caused chaos in another country to brazenly demand money from that country? Would you do the same if you were in our position?' This logic resonated with the tribunal."
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