Lone Star Funds Raided in South Korea

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Lone Star and tax evasion in breach of international rules … hmmm what state did the GWB White House clan represent?

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Lone Star Funds Raided in South Korea, Warrant Issued

SEOUL, South Korea (Bloomberg) March 30 — South Korean prosecutors raided the Seoul office of Lone Star Funds on allegations that the U.S. investment firm evaded taxes on the sale of buildings and breached foreign-exchange rules in international transactions.

Prosecutors also issued a warrant to detain Steven Lee, the Dallas-based firm’s former country manager, said Chae Dong Wook, a prosecutor in the Supreme Prosecutors’ Office. Lee, who has already resigned and left Korea, wasn’t available to comment. “The raid was to secure evidence for the investigation into whether Lone Star’s activities were illegal,” Chae told reporters in Seoul.

Lone Star, which has invested more than $10 billion in South Korea, last week agreed to sell a $6.6 billion stake in Korea Exchange Bank in the nation’s biggest takeover. Lone Star stands to gain more than $4 billion from its 2½ year investment in Korea Exchange.

“We are of course cooperating and look forward to a conclusion,” Ellis Short, vice chairman of Lone Star, said by telephone from London.

Prosecutors are also probing allegations of corruption among government officials at the time of the original sale of Korea Exchange Bank to Lone Star in 2003.

Calls to Lone Star’s Seoul office were not answered. The fund’s spokeswoman, Kim Ji Ho, wasn’t available for comment, as her mobile phone was turned off.

Home Raids

The prosecutors also raided the homes of the heads of Lone Star Advisers Korea and Hudson Advisers Korea, local units of Lone Star Funds, Chae said.

● Lone Star’s fund series was launched in 1996 by veteran money manager John Grayken.

“But I will not let myself be reduced to silence.”

▼ ▼ ▼ MY DIARY

6 Comments

Street Kid on March 30, 2006 at 6:01 pm

Wow!!! Coincidence?

Carole Keeton Strayhorn (formerly McClellan, formerly Rylander) is a Texas politician and the current Comptroller of Public Accounts since 1999. On January 2, 2006, she announced her campaign for Governor of Texas as an Independent against incumbent Republican Rick Perry. According to the Associated Press, “Strayhorn has insisted that she is [still] a Republican but is going independent to set partisan politics aside and do what’s right for Texas.”.

Yeah, right!

And, her sons are Scott and Mark McClellan (gwb’s press secretary and director of Medicare, respectively).

Robert Hayes, president of the Medicare Rights Center, states that he had a discussion with Mark McClellan, (Administrator of the federal Centers for Medicare and Medicaid Services) EARLY LAST YEAR:

“I was sitting in McClellan’s office and I said, ‘Look, even if you get this transition 99 percent right for the people losing Medicaid coverage, you’re still going to have 64,000 people without drug coverage come Jan. 1.’ And [McClellan] said ‘No, we have everything under control.’ “

And we have been seeing how wonderfully that worked out!

Street Kid on March 30, 2006 at 6:04 pm

Forgot second link, so here it is

XicanoPwr on March 30, 2006 at 10:30 pm

ya see we were fooling y’all into thinking that the Mexicans were invading to reclaim its lost territory, but in reality, The Republic of Texas is planning to take over the world…..Bawhahahaha 😉

Even though it is not true, it sure does seem like it. It just looks like everything leads back down here.

Salunga on March 31, 2006 at 11:39 am

You mean Mexico is not trying to reclaim Texas? Dammit XP thats not funny. There’s nothing worse than false hope.
- Salunga on March 31, 2006 at 11:44 am
  
  I have an idea though. Lets build a 700 mile wall around Texas and no amnesty for Texas immigrants already in the rest of the US. That would include any immigrants that live at 1600 Pennsylvania Ave.
- XicanoPwr on March 31, 2006 at 12:42 pm
  
  Sorry to disappoint ya, but I am sure Michelle Malkin will be disappointed too since she was left out of the loop.
  
  Aztlan is a long-held notion among Mexico’s intellectual elite and political class, which asserts that the American southwest rightly belongs to Mexico. Advocates believe the reclamation (or reconquista) of Aztlan will occur through sheer demographic force. If the rallies across the country are any indication, reconquista is already complete.
  
  Damn we already conquered and nobody told me!
  
  Just one thing, when you do build that fence, make sure she is in there too.

Street Kid on March 30, 2006 at 6:01 pm

Wow!!! Coincidence?

Carole Keeton Strayhorn (formerly McClellan, formerly Rylander) is a Texas politician and the current Comptroller of Public Accounts since 1999. On January 2, 2006, she announced her campaign for Governor of Texas as an Independent against incumbent Republican Rick Perry. According to the Associated Press, “Strayhorn has insisted that she is [still] a Republican but is going independent to set partisan politics aside and do what’s right for Texas.”.

Yeah, right!

And, her sons are Scott and Mark McClellan (gwb’s press secretary and director of Medicare, respectively).

Robert Hayes, president of the Medicare Rights Center, states that he had a discussion with Mark McClellan, (Administrator of the federal Centers for Medicare and Medicaid Services) EARLY LAST YEAR:

“I was sitting in McClellan’s office and I said, ‘Look, even if you get this transition 99 percent right for the people losing Medicaid coverage, you’re still going to have 64,000 people without drug coverage come Jan. 1.’ And [McClellan] said ‘No, we have everything under control.’ “

And we have been seeing how wonderfully that worked out!
Street Kid on March 30, 2006 at 6:04 pm

Forgot second link, so here it is
XicanoPwr on March 30, 2006 at 10:30 pm

ya see we were fooling y’all into thinking that the Mexicans were invading to reclaim its lost territory, but in reality, The Republic of Texas is planning to take over the world…..Bawhahahaha 😉

Even though it is not true, it sure does seem like it. It just looks like everything leads back down here.
- Salunga on March 31, 2006 at 11:39 am
  
  You mean Mexico is not trying to reclaim Texas? Dammit XP thats not funny. There’s nothing worse than false hope.
  - Salunga on March 31, 2006 at 11:44 am
    
    I have an idea though. Lets build a 700 mile wall around Texas and no amnesty for Texas immigrants already in the rest of the US. That would include any immigrants that live at 1600 Pennsylvania Ave.
  - XicanoPwr on March 31, 2006 at 12:42 pm
    
    Sorry to disappoint ya, but I am sure Michelle Malkin will be disappointed too since she was left out of the loop.
    
    Aztlan is a long-held notion among Mexico’s intellectual elite and political class, which asserts that the American southwest rightly belongs to Mexico. Advocates believe the reclamation (or reconquista) of Aztlan will occur through sheer demographic force. If the rallies across the country are any indication, reconquista is already complete.
    
    Damn we already conquered and nobody told me!
    
    Just one thing, when you do build that fence, make sure she is in there too.

Lone Star Funds Raided in South Korea

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