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| ▲ Rep. Sim Sang-jeung of the minor progressive Justice Party holds a press conference at the National Assembly on Feb. 22, 2023. (Yonhap) |
lawmaker-Lone Star
Lawmaker accuses gov't of hiding details of Lone Star verdict
SEOUL, Feb. 22 (Yonhap) -- An opposition lawmaker claimed Wednesday that the government concealed some details when it released an international tribunal's verdict on an investor-state dispute settlement suit filed by U.S. private equity firm Lone Star Funds.
Rep. Sim Sang-jeung of the minor opposition Justice Party claimed that the government deleted about 1,000 names and a number of footnotes from the verdict that the International Centre for Settlement of Investment Disputes (ICSID) delivered in August, citing diplomatic confidentiality.
"I wonder what names and diplomatic secrets have to be hidden in a situation where our people have to pay 300 billion won (US$229 million) in compensation," Sim said, urging the justice ministry to disclose a full copy of the verdict.
Lone Star filed the suit demanding $4.68 billion in compensation, claiming it suffered losses because South Korea delayed approval of a profitable deal to sell off a controlling stake in the now-defunct Korea Exchange Bank.
The international tribunal ordered South Korea to pay US$216.5 million plus interest to Lone Star.
Lone Star's entry into and exit from South Korea has been a target of criticism in South Korea amid widespread public perceptions that the firm made huge profits by taking advantage of the country's economic difficulties in the wake of the Asian financial crisis in the late 1990s.
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