The Seoul High Court delayed the trial in the case of alleged stock manipulation of the Korean unit of Lone Star Funds, the biggest shareholder of Korea Exchange Bank, to July 21.
While the court held the trial on Thursday, it accepted the proposal for a delay from lawyers for Paul Yoo, former CEO of the now-defunct Lone Star Korea.
In March, the Supreme Court hinted that former Lone Star Korea CEO Paul Yoo could be implicated in the stock manipulation of the now-defunct KEB Credit Service, which was later merged into its affiliate KEB with a massive manpower restructuring in 2004.
The Supreme Court overturned a lower court decision that found Yoo not guilty of manipulating the Korean unit of Lone Star’s stock price.
The case has been sent back to the Seoul High Court for retrial.
The Supreme Court’s ruling had seemingly embarrassed the FSC, which had allegedly endorsed the Hana Financial Group-Lone Star deal over KEB shares during the first quarter.
“I believe the FSC’s ongoing delay means that it has no intention to approve the Hana Financial’s takeover deal,” a local banker said.
The prosecution expressed its unease about the postponement.
By Kim Yon-se (
kys@heraldcorp.com)
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