Hana Financial wins international arbitration suit against Lone Star
- 5 years ago
South Korean banking group Hana Financial has won an international arbitration case against American private equity firm Lone Star Funds over its purchase of KEB Hana Bank.
Accusing Hana Financial of intentionally lowering the price of KEB Hana Bank internationally, Lone Star filed a lawsuit at the International Chamber of Commerce in August 2016.
Lone Star had demanded Hana Financial to pay one-point-four billion U.S. dollars in compensation.
The international court reportedly informed Hana Financial of the ruling on Wednesday.
The American private equity firm purchased a 50-point-5 percent stake in KEB stake for one-point-two billion U.S. dollars, before selling a 51 percent stake to Hana Financial for one-point-seven billion.
Accusing Hana Financial of intentionally lowering the price of KEB Hana Bank internationally, Lone Star filed a lawsuit at the International Chamber of Commerce in August 2016.
Lone Star had demanded Hana Financial to pay one-point-four billion U.S. dollars in compensation.
The international court reportedly informed Hana Financial of the ruling on Wednesday.
The American private equity firm purchased a 50-point-5 percent stake in KEB stake for one-point-two billion U.S. dollars, before selling a 51 percent stake to Hana Financial for one-point-seven billion.