Occidentalism
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1600 employees protest sale of Korea Aerospace Industries: Lone Star Funds fails to make a bid

August 19th, 2012 . by Errol

After Lone Star Funds took over Korea Exchange Bank in 2003, some KEB employees embarked on a policy of go-slow campaigns and poor service in an effort to return KEB to its rightful owners.

The campaign was ultimately successful and Lone Star Funds sold KEB to Korea’s 4th largest finance group, Hana Financial Group, in early 2012 for USD 3.5 billion.

As Lone Star Funds is cashed up with billions, and with Korea Aerospace Industries signing massive deals with customers – such as Indonesia’s Ministry of Defence – and only wanting a USD 970 million equity injection, it is a mystery why Lone Star Funds had no desire to buy into the Korean corporate market, given Lone Star’s corporate memory of Korean business practices.

Joongang Daily, 18 August 2012


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