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Lone Star's KEB sale delayed by Korean government investigation30/08/2007. Source: AltAssets. 
 Dallas-based private equity firm Lone Star's sale of financial services provider Korea Exchange Bank to banking corporation HSBC could be delayed by an investigation into the investment company's 2003 acquisition of the bank, according to the country's Financial Supervisory Service.
The investment fund is reportedly set to sell HSBC its 51 per cent stake in KEB for about $5bn.
In comments given at a weekly briefing, the FSS's deputy governor, Kim Dae-pyung, reportedly said that no sale will be allowed until the country's courts have ruled on the legality of Lone Star's purchase of KEB in 2003.
However, UK newspaper, The Sunday Times, has reported that HSBC and Lone Star plan to push ahead and sign a 'conditional deal', agreeing the sale in the next few weeks.
Copyright © 2007 AltAssets
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