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Uitspraak rechtbank: Lone Star Group schuldig aan grootschalige koersmanipulatie en bedrijfsfraude.

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Lone Star convicted of stock fraud in South Korea

By Choe Sang-Hun
Published: Friday, February 1, 2008

SEOUL — A court here on Friday found Lone Star, the U.S. private equity fund, and one of its executives guilty of manipulating stock prices, dealing a blow to Lone Star in its intensely monitored legal battle with South Korean prosecutors.

Paul Yoo, head of Lone Star's South Korean operations, was sentenced to five years and taken directly to prison from the courtroom.

Foreign investors have closely followed the Yoo case for its possible impact on Lone Star's plan to sell its majority stake in Korea Exchange Bank, one of the country's largest lenders, to HSBC Holdings, which has agreed to pay $6.3 billion.

The Friday verdict, if upheld in higher courts, will undermine Lone Star's repeated claims that it was victimized by politically motivated prosecutors who it said was capitalizing on widespread public sentiment against foreign investors. As the tug-of-war persisted, some foreign investors have come to Lone Star's defense, depicting the battle as a test of South Korea's willingness to embrace them.

"Their activity constituted a grave fraud activity and severely damaged the interest of minority shareholders," Lee Kyung Choon, a judge at the Seoul Central District Court, said in his ruling.

Lee also ordered Korea Exchange Bank and LSF-KEB Holdings, a Belgium-based unit that holds Lone Star's stake in the Korean bank, each to pay fines of 25 billion won, or $26.5 million.

Lone Star, which is based in Texas, bought Korea Exchange Bank for a fire-sale price of $1.2 billion in 2003, as the country was trying to rescue its distressed banks in the aftermath of the Asian financial crisis of 1997 and 1998. Soon afterward, the bank absorbed KEB Credit Service, the bank's credit card unit.

Prosecutors, who denied that they were politically motivated, sought a 10-year prison sentence for Yoo on charges of driving down the share price of the card unit by spreading a rumor that a capital reduction of the card company was imminent, and allowing the bank to absorb it at below-market prices.

"Lone Star is very disappointed in the court's ruling," Lone Star's chairman, John Grayken, said in a statement. "Lone Star maintains that there is simply no credible evidence to support the court's findings. Lone Star will appeal this decision and is confident that it will be reversed."

The verdict was the first in a long-running legal battle. In a separate lawsuit, Lone Star is fighting allegations that it conspired with the South Korean government and Korea Exchange officials to understate the financial health of the bank so that it could buy it cheaply. Lone Star denies it.

Lone Star's legal battles, as well as tax disputes with the local authorities, have fueled public doubts about the role of foreign investors.

They also prevented it from selling Korea Exchange and making an exit from South Korea with a staggering profit.

In 2006, Grayken acknowledged that Steven Lee, the buyout firm's former South Korea country manager, had embezzled "millions of dollars," causing the firm to breach tax rules in South Korea. He apologized and offered to donate 100 billion won "as a gesture of good will" to South Koreans.

Officials at Spec Watch Korea, a civic group that has led a campaign against Lone Star, said Friday that the American buyout fund might have hoped for a guilty verdict. Such a verdict can allow South Korea's financial regulators to strip Lone Star of its right to hold a majority stake in a local bank and order it to unload the share within six months - a move that they said could expedite Lone Star's exit plan.

On Friday, Hong Young Man, spokesman for the government's regulatory Financial Supervisory Commission, said his agency would not approve Lone Star's plan to sell Korea Exchange until all legal battles over the fund are resolved. The comment means that Lone Star's plan to sell the bank will be on hold for months.

Lone Star or HSBC can terminate their agreement if the deal is not completed by April 30. Gareth Hewett, a Hong Kong-based spokesman for HSBC, said the bank had no comment.

The verdict came three weeks before Lee Myung Bak, South Korea's president-elect, is sworn in on Feb. 25. Lee has vowed to attract foreign direct investment to help bolster South Korea's economy.

Pledged foreign direct investment in South Korea fell 6.5 percent in 2007 to $10.51 billion, the third consecutive annual decline.

But Tami Overby, president of the American Chamber of Commerce in Korea, said last month that the Lone Star issue "is having a significant negative impact on" foreign direct investment."

Last month, David Eldon, the chairman of the Dubai International Financial Center Authority, who works as an adviser for Lee, warned against what foreign investors have called a tendency among South Koreans to vilify foreign investors who try to leave the country with huge profits.

Eldon is a former chairman of Hongkong & Shanghai Banking Corp., the Asian arm of HSBC.

In a news conference with the foreign news media two weeks ago, Lee said he would "significantly improve Korea's investment climate for foreign firms." But in a comment that he said was not targeted directly at Lone Star, however, he also said that foreign investors operating in South Korea must honor local regulations.

After refusing to be interrogated by prosecutors, Grayken arrived here last month and said he underwent 10 days of questioning.
Zullen wel een batterij goeie juristen achter de hand hebben anders ga je niet zaken doen op de rand van wat wetmatig is
Lone Star Funds Investigated by Korean Authorities

DMagazine (Dallas, Texa) reports about the Korean government's investigation of Lone Star Funds' investment in Korea Exchange Bank:

By Paul Kix (April 19, 2006)

"[Remember Lone Start Funds]... [a]nd how the South Korean government investigated it for tax evasion and embezzlement after the Dallas company bought a controlling stake in a Korean bank?.... Lone Star is donating about $104 million to the South Korean government.... The story after the jump comes from yesterday's Wall Street Journal.

Moving to quell public outrage over its pending $4.5 billion windfall on the sale of a bank in South Korea, private-equity firm Lone Star Funds offered to donate about $104 million to the government there, as prosecutors stepped up their probe of the partnership.

The offer came amid an intensifying backlash against foreign private-equity firms in South Korea, with the announcement yesterday of insider-trading charges against the head of Warburg Pincus LLC's South Korean office , Sung-Jin Hwang, and two Warburg-affiliated holding companies.

The Lone Star investigation is focused on whether the Dallas-based firm bought Korea Exchange Bank for less than its true value in 2003. Prosecutors say they are looking into whether South Korean bank officials or government bureaucrats were bribed to make the bank appear more financially distressed than it was in advance of the sale to Lone Star.

Authorities also are investigating whether the firm underpaid its taxes on past profits. The authorities have said little publicly about evidence gathered to date. People familiar with the matter say Lone Star's former top official in the country has told the firm that he misappropriated millions of dollars. That theft caused the firm to underpay its taxes, which is one of several tax matters under scrutiny.

The firm has said it is cooperating with investigators and has set aside $763 million in its South Korea bank account until the tax disputes are settled.

Lone Star's troubles were sparked by the agreement it struck to sell a controlling stake in KEB to Korea's Kookmin Bank for $6.7 billion, a deal the investigation could jeopardize. News of Lone Star's expected profit on the transaction fueled simmering resentment in South Korea over big profits reaped by foreign investors who swooped into the country looking for deals in the aftermath of the 1997-98 Asian financial crisis....

Lone Star's donation offer came from its vice chairman, Ellis Short, in a letter faxed Friday to finance minister Han Duck Soo, a ministry spokesman said. Lone Star is engaged in a tax dispute with South Korea authorities, who contend that the firm owes $147 million in taxes on profits for a previous deal, involving the Star Tower office complex in Seoul. Lone Star maintains that it owes nothing on that deal, and is expected to argue that it shouldn't have to pay taxes on the KEB gain under tax treaties.

Other foreign investors have made similar payments to mollify authorities. After the National Tax Service launched audits of several U.S. private-equity funds last year, five of them paid a total of $207 million to settle the matter. Two of the firms, Carlyle Group and Newbridge Capital Ltd., had made big profits by selling stakes in Korean banks.

Complicating Lone Star's case is the alleged theft of millions of dollars by Steven Lee , its former head of operations in Korea. Mr. Lee left Lone Star's Korean operations last summer, saying that he was relocating to the U.S. to fulfill a promise to his family, with whom he now lives in Short Hills, N.J.

People familiar with the investigation say South Korean tax regulators contacted Lone Star executives in the U.S. last summer about unusual invoices submitted by Mr. Lee to justify tax deductions. Lone Star executives summoned Mr. Lee to London to ask him about the invoices, these people say. At the meeting, Mr. Lee said he had billed a fictional consulting firm for services and had the money deposited into bank accounts he controlled, these people say.

Mr. Lee apologized without explaining his actions, and later paid Lone Star more than $10 million, which was more than the amount he misappropriated, these people say.

'He has repaid all the funds that were misappropriated and paid all taxes due and owing,' said Lawrence Lustberg, Mr. Lee's attorney. He declined to confirm the amount. Mr. Lee couldn't be reached for comment.

Mr. Lee is in his late 30s, the eldest child of Korean immigrants who settled in California. He attended Harvard Business School. He transferred to Lone Star's office in Seoul in 1998, while still a junior executive. After the crisis, the fund's investments in Korea performed well, and his stature rose.

Lone Star has filed a civil suit against Mr. Lee in the Supreme Court of Bermuda, where several of its funds are based. The suit seeks to nullify his financial stake in Lone Star, which would prevent him from sharing in the profits from the KEB sale.

Private-equity firms generally keep 20% of investment profits for themselves, with clients getting the balance. As a former senior partner responsible for that deal, Mr. Lee's cut could total tens of millions of dollars, partners at other private-equity firms say.

Mr. Lustberg said that he and his client haven't been summoned to appear in court in Bermuda and "will vigorously contest" any attempt to void Mr. Lee's share of the KEB profits.

The full article is available at
Berichten uit 2006 en 2008, iets met oude koeien en sloot?

Ik zou maar een bericht van Ahold tijdens hun boekhoudschandaal in 2003 constant opzoeken en posten als Ahold in 2015 een ander bedrijf wil overnemen.
Hier is sprake van een zeer ernstige vorm van bedrijfsfraude.

"Paul Yoo, head of Lone Star's South Korean operations, was sentenced to five years and taken directly to prison from the courtroom."

"Their activity constituted a grave fraud activity and severely damaged the interest of minority shareholders," Lee Kyung Choon, a judge at the Seoul Central District Court, said in his ruling."

Ahold is absoluut geen juiste vergelijking.

Ahold heeft schuld bekend en heeft zijn bedrijfsvoering drastisch aangepast.

Bovendien was Ahold vanuit de kern een gezond bedrijf, wat doorgaans op een correcte manier zijn maarschappelijke verantwoordelijkheid heeft genomen.

DSB daarintegen heeft op alle mogelijke manieren mensen bedrogen en opgezadelt met grote financiële problemen, uit puur eigenbelang van Scheringa.

Op een bedrijf als Ahold kan Nederland trots zijn.
Grootste fraude zit nog steeds in het politiek, en ben bang dat zij er over 10/20 jaar zitten.

Former loan officer indicted on bank fraud and aggravated identity theft

posted September 13, 2009
Total Loss: $600,000

A former Lone Star National Bank loan officer has been indicted on five counts of bank fraud and one count of aggravated identity theft. FBI agents arrested Emma Vigil, 48, on Friday morning at her residence. The McAllen resident was a loan officer from May 2005 to September 2008 and is accused of several fraudulent and unauthorized debit transactions from customers’ accounts. According to a release from the U.S. Attorney’s Office, Vigil targeted customers with high-balance, high-activity accounts to conceal her scheme.
Noem er eens ÉÉN goudeerlijke financiële instelling. Ik denk dat je morgen nog aan het nadenken bent. Zijn toch allemaal hetzelfde. Ze belazeren je waar je bij staat.Het gaat ze allemaal om één ding en dat is: ZAKKEN VULLEN.

Lees deze passage goed. Hieruit blijkt waarom Lone Star Group geïnteresseerd is in DSB en dat Scheringa puur uit is op eigenbelang.

"Lone Star’s Grayken specifically noted the key to getting the big returns and “playing this situation” was gaining control of the underlying collateral. Simply put, Lone Star is a foreclosure machine, and this should at a minimum cause the legislature to discuss this situation with adequate details.

Grayken’s firm is now positioning itself to purchase distressed debt and aggressively foreclose on both residential and commercial real estate properties here in the U.S. “The race is on to play this situation,” he said. Grayken also noted that his firm was not hurt by the subprime meltdown because they only originated the loans, having purchased a “large subprime originator in San Diego.” "

Een van de zegeningen van de kredietcrisis is dat de beerput opengaat. Langzaam komt ook het besef naar voren dat het om de klant gaat. De klant als continuiteitsfactor voor een onderneming. Naarmate er sprake zal zijn van meer transparantie zal de markt nopen tot een eerlijkere concurentie. Dat laat onverlet dat ook de consument veel kritischer moet zijn. Het is daarom een goede zaak dat "de macht van het volk" een meer betekenisvolle factor is geworden. Zij kunnen banken dreigen met een run op de bank. Helaas veroorzaakt dat veel slachtoffers, maar dat is onvermijdelijk. Consumenten doen er goed aan hun vermogen te spreiden en te kiezen voor simpele enkelvoudige producten die ze begrijpen. Weiger koppelverkoop, zoals een hypotheek die alleen in combinatie met een aantal verzekeringen kan worden afgesloten. Verzekeren kun je je overal. Misschien moeten er gekwalificceerde en gecertificeerde onafhankelijke adviseurs komen waarop o.a. consumentenorganisaties en overheid toezicht houden. Niet achteraf, maar doorlopend. Dat kost de consument geld, maar het is beter dan adviseurs die op provisiebasis werken voor banken en de indruk wekken onafhankelijk te adviseren. Maar misschien hoeft het niet zover te komen en keert de wal tijdig het schip.
'n echte wandelaar. Komt overal en nergens:)

Als Lone Star ergens neerstrijkt verrijzen steakhuoses als paddestoelen uit de grond.

Coupejet schreef:

Noem er eens ÉÉN goudeerlijke financiële instelling. Ik denk dat je morgen nog aan het nadenken bent. Zijn toch allemaal hetzelfde. Ze belazeren je waar je bij staat.Het gaat ze allemaal om één ding en dat is: ZAKKEN VULLEN.

In Nederland; Triodos en ASN?

Beursplein 5 schreef:

Op een bedrijf als Ahold kan Nederland trots zijn.

Opeens is hun fraude niet meer belangrijk?

Jouw interesseert absoluut niets. Enige wat jouw interesse heeft is het spammen van jarenoude nonsens en schreeuwen, schreeuwen en nog eens schreeuwen.


Bard123 schreef:

In Nederland; Triodos en ASN?

Laten we zeggen dat die 2 proberen het te doen. Maar ook zij zitten via via in meer of minder dubieuze zaken. Vergeet ook niet: dat wat vandaag geaccepteerd is wordt morgen verketterd en omgekeerd.


haas schreef:

'n echte wandelaar. Komt overal en nergens:)

Als Lone Star ergens neerstrijkt verrijzen steakhuoses als paddestoelen uit de grond.

BI-LO, acquired in 2004 from Royal Ahold [5], filed for bankruptcy protection in March 2009.
Bruno's Supermarkets, acquired in 2004 from Royal Ahold.[5] Filed for bankruptcy protection and is facing liquidation if a buyer is not found. (February 2009)
Shoney's Restaurants, acquired in 2002 and sold to a similar investment firm on January 1, 2007
Sullivan's Steakhouse
Del Frisco's Steak House
Texas Land & Cattle Steak House
Allgemeine Hypothekenbank Rheinboden AG (AHBR) of Frankfurt (Germany) acquired from the German trade union federation in 2005 and since renamed Corealcredit
Solare Hotels and Resorts of Japan. Lone Star purchased the company from the bankrupt Chisun Company in 2002. In November 2007, Lone Star announced they would sell Solare..
Kukdong Engineering & Construction Co., Ltd., acquired in June 2007.
STARLease Co., Ltd., acquired in June 2007.
IKB Deutsche Industriebank, acquired in September 2008 [6]
Accredited Home Lenders Holding Co.[7], acquired in October 2007. Filed for bankruptcy protection in May 2009.
Collateralized Debt Obligations from Merrill Lynch, acquired July 2008, paid 22% of face value for these CDOs, or $6.7 billion for assets with a face value of $30.6 billion.[8]
On July 1, 2008, CIT Group announced that it will be selling its home lending division to Lone Star Funds for $1.5 billion in cash including the assumption of $4.4 billion in debt.

ze doen in afval en schroot........

zullen wel een zooitje willen uitkleden en daarna ploft het nog..

misschien hebben ze al een zooitje van dirks verpakte pakketjes dsb hypo's
Als Nederland niet oppast, verpats Dirk,de Ondernemer, heeel Nederland nog aan de opkopers.
Of in ieder geval zijn personeel.Zijn klienten zijn al bekocht
Ze hebben vorig jaar vrijwelom niet de Duitse IKB Bank overgenomen, nadat die door wanbeleid aan de rand van de afgrond stond.

Der IKB-Skandal
Der Bund der Steuerzahler wird sich nicht damit zufrieden geben, dass für das milliardenschwere IKB-Schlamassel niemand verantwortlich sein will. Die Verantwortlichen sind nicht nur in der Industrie- und Kreditbank (IKB), sondern auch in der Kreditanstalt für Wiederaufbau, in der Bundesanstalt für Finanzdienstleistungsaufsicht und auch im Bundesministerium der Finanzen zu suchen. Im Rahmen der umfassenden Aufklärung muss auch der eingetretene Gesamtschaden beziffert werden.

Die IKB hatte jahrzehntelang mit der KfW im Rücken die Kreditklemme des deutschen Mittelstands gelindert. Dieses erfolgreiche Modell endete, als die IKB nichts Besseres zu tun hatte, diese für den Mittelstand gedachten Gelder in Subprime-Produkte des US-Immobilienmarktes zu stecken. Der Bund der Steuerzahler fordert, dass den öffentlichen Banken derartige Praktiken ein für alle Mal untersagt werden!

Zur Erinnerung: Die haftende Eigenkapitalausstattung in Prozent der Bilanzsumme der gewerblichen Wirtschaft liegt in Deutschland mit rund 15 Prozent am untersten Ende aller vergleichbaren Staaten (USA: 38 Prozent). Hinzu kommen hohe Steuern und Abgaben, ständig steigende Kosten für Bürokratie und Bürokraten, verschlechterte Abschreibungsmöglichkeiten usw. Die Situation des Mittelstands in Deutschland verschärft sich dramatisch, die Investitionsquote liegt auf niedrigem Niveau.

Jetzt wird die IKB fast zum Nulltarif verhökert, Steuerzahler und Mittelstand schauen wieder in die Röhre und werden erneut zur Kasse gebeten. Ausgerechnet die Bank, die die Stärkung der mittelständischen Unternehmen zum Ziel hatte, hat alles verspielt. Die von den Unternehmern und Arbeitnehmern erwirtschafteten Steuergelder wurden verzockt, verbrannt, vernichtet. Prekär ist zudem, dass die schwer angeschlagene IKB jetzt ausgerechnet an einen internationalen Investor verscherbelt wird, der sich bisher nicht durch besondere Mittelstandsförderung ausgezeichnet hat.

Quelle: Bund der Steuerzahler Deutschland e.V.

In dem ganzen Vorfall steckt allerdings auch noch ein politisches Problem, das in dem genannten Zusammenhang noch größere Brisanz erlangt. Die amerikanischen Banken haben den Hausbesitzern Geld geliehen ohne Sicherheiten zu fordern oder zu prüfen, Nachdem dann diese Kredite sich als notleidend herausstellten, wurden sie an ausländische Banken verkauft, die das Risiko übernahmen und durch Abschreibungen in Milliardenhöhe für die scheinbare Konsumstärke der amerikanischen Bürger bezahlen müssen. Der deutsche Steuerzahler finanzierte also direkt oder indirekt den zügellosen und ungesicherten Konsum dieser amerikanischen Bürger.

Die Zeit / www.zeit.de
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