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KEB: the raids continue

Prosecutors wheel away an old Citibank PC: from KBS website

In a seemingly never-ending quest to blame someone for the profits that Lone Star made out of their KEB investment, the prosecutors recently knocked on the doors of Citibank’s Seoul office and impounded paperwork and PCs.

The BBC reports (17 October):

The investigation follows claims that KEB’s financial ill-health had been exaggerated so as to speed up the sale of a 50.5% stake to Lone Star in 2003.

The buy cost Lone Star 1.4 trillion won (£802m; $1.2bn). Now it is selling its 71% KEB stake for 6.95 trillion won.

Citigroup advised Lone Star on its KEB buy, and on its current sale.

Above image from the KBS site.

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