Articles by Kim Yon-se
Kim Yon-se
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FSC regarded Lone Star as ‘financial investor’: official
Regulator says Texas buyout fund was eligible to own KEB until June 2006The Supreme Court ordered the Financial Services Commission to make public Lone Star Funds’ eligibility as the biggest shareholder of Korea Exchange Bank on Thursday.The FSC, which lost the original trial in 2007 and the second trial in 2009 in a lawsuit filed by Solidarity for Economic Reform, appealed to the highest court two years ago. The regulator has now lost its final case.The FSC and the Financial Supervisory Service
Nov. 24, 2011
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Verdict imminent on Lone Star
FSC might be ordered to decide on the fund’s shareholder eligibilityThe Supreme Court will deliver a verdict on a key issue regarding Lone Star Funds on Thursday, possibly forcing the Financial Services Commission to make public the fund’s eligibility as the biggest shareholder of Korea Exchange Bank.The FSC, which lost the original trial in 2007 and the second trial in 2009 in a lawsuit filed by Solidarity for Economic Reform, appealed to the highest court two years ago.Before the suit, the reg
Nov. 23, 2011
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Court to rule on FSC’s duty on Lone Star
Regulator expected to be ordered to reveal the fund’s bank shareholder eligibilityThe Supreme Court will deliver a verdict on a key issue regarding Lone Star Funds on Thursday, possibly forcing the Financial Services Commission to make public the fund’s eligibility as the biggest shareholder of Korea Exchange Bank.The FSC, which lost the original trial in 2007 and the second trial in 2009 in a lawsuit filed by Solidarity for Economic Reform, appealed to the highest court two years ago.Before the
Nov. 23, 2011
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Automakers to benefit most from Korea-U.S. FTA
Sales growth in No. 1 market could boost car exports to BRIC countriesThe auto sector is regarded as one of the few local industries to greatly benefit from the Korea-U.S. Free Trade Agreement.The FTA, which was recently ratified by both countries’ legislative bodies, is widely expected to push up Korean carmakers’ position in the world’s largest auto market.Experts predict that about 5,000 small and mid-sized Korean auto parts manufacturers will be able to expand their presence in the United St
Mobility Nov. 23, 2011
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KB, Shinhan to buy savings banks
Three of four major financial groups to own secondary banking unitKB Financial Group and Shinhan Financial Group are expected to take over major savings banks, as they won bidding competitions for the distressed sector.The state-run Korea Deposit Insurance Corp. said Tuesday that it selected Shinhan Financial Group as the preferred bidder for Tomato Savings Bank, the No. 2 player in the secondary banking sector.KB Financial Group has been picked as the preferred negotiator for Jeil Savings Bank.
Nov. 22, 2011
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Hyundai secures sales networks in Europe
Hyundai Motor has embarked on securing competitive sales networks in Germany and France, which account for 41 percent of the European automobile market.The automaker will take over wholesale distributors in Germany and France from Switzerland-based Emil Frey, as part of its strategy to enhance marketing and sales in Europe.The Hyundai Motor Group said Tuesday that Hyundai Motor Europe Corp. will acquire a 70 percent stake in a German dealership company from Emil Frey, the second-largest dealer g
Mobility Nov. 22, 2011
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FSC chairman accused of abusing authority
The prosecution is expected to investigate Financial Services Commission Chairman Kim Seok-dong and seven other regulatory officials for their allegedly light action on Lone Star Funds.The Minbyun, or Lawyers for a Democratic Society, in coordination with the People’s Solidarity for Participatory Democracy filed a complaint with the prosecution against the eight FSC officials on Monday, citing their allegedly “neglecting duties” and “abusing authority.”The seven other FSC officials are vice chai
Nov. 21, 2011
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Rule-violating bankers to face imprisonment
FSC to work closely with prosecution to weed out irregular lendingRegulators have decided to call for the prosecution or police to investigate financial industry employees engaged in irregular sales practices.Bank employees, who urge customers to buy other financial products in exchange for issuing loans could be subject to imprisonment under regulators’ coordination with the investigative agencies, the Financial Services Commission said Monday. While the figures engaged in the practices have be
Nov. 21, 2011
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Banks, card firms face antitrust probe
The antitrust watchdog launched a probe into banks and credit card companies for possible manipulation in their service charges, industry sources confirmed Sunday, intensifying its push to slash fees further. The Fair Trade Commission is said to have launched their investigation into 17 local banks and more than 13 credit card firms to see if they conspired to fix prices to ease competition. Charged guilty, the case be a major blow to their balance sheet where the fines could add up to several h
Nov. 20, 2011
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Seoul shares expected to move in tight range
South Korean stocks are forecast to move in a tight range next week as fiscal debt problems in Europe and the United States will weigh on investor sentiment, analysts here said Saturday.The benchmark Korea Composite Stock Price Index closed at 1,839.17 on Friday, down 1.27 percent from a week earlier.The market suffered ups and downs throughout the week, affected by news coming from the debt-ridden eurozone economy.Foreign investors sold a net 595.9 billion won ($523.2 million) worth of stocks h
Nov. 20, 2011
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FSC chief under pressure to resign
Light action on Lone Star expected to invite series of protestsFinancial Services Commission Chairman Kim Seok-dong will likely be under heavier pressure to resign following regulators’ allegedly lukewarm action against Lone Star Funds last Friday.A group of lawmakers are poised to call for Kim to quit as the top regulator, criticizing the FSC for not taking stern measures on the U.S.-based equity fund.A group of unionized workers in the financial sector had already said Kim should leave the po
Nov. 20, 2011
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Regulator allows Lone Star to sell KEB to Hana
FSC paves the way for the country’s biggest banking takeover amid protestsKorea’s financial regulators on Friday paved the way for Lone Star Funds, convicted of stock manipulation, to take huge premiums from selling its stake in Korea Exchange Bank. The nine-member panel of the Financial Services Commission chose not to take stern action against the U.S.-based fund, ordering it to sell most of its KEB shares to any investor within six months. Under the decision, the fund is entitled to select an
Nov. 18, 2011
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Nine officials to determine fate of Lone Star Funds
Attention focused on whether stern measures will hit U.S. buyout fundThe nine-member panel of the Financial Services Commission is scheduled to unveil its measures against Lone Star Funds, convicted of stock rigging, on Friday.The members include FSC Chairman Kim Seok-dong, Financial Supervisory Service Gov. Kwon Hyouk-se, FSC Vice Chairman Choo Kyung-ho, Vice Finance Minister Shin Je-yoon, Korea Deposit Insurance Corp. president Lee Seung-woo, and Bank of Korea senior deputy Gov. Lee Ju-yeol. F
Nov. 17, 2011
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Bahk named chief of banks federation
Bahk Byong-won, former presidential secretary for economic affairs, has been nominated chairman of Korea Federation of Banks.The KFB is poised to appoint the 59-year-old to the post at a decision-making meeting on Nov. 23.Bahk, who will replace current KFB chairman Shin Dong-kyu, worked as a senior aide to President Lee Myung-bak between 2008 and 2009 and was chairman of state-run Woori Financial Group between 2007 and 2008.He had mostly served in the government as a public official. Before work
Nov. 17, 2011
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Nine officials to determine fate of Lone Star
The nine-member panel of the Financial Services Commission is scheduled to unveil its measures against Lone Star Funds, convicted of stock rigging, on Friday, which will possibly mark a historic event.The members include FSC chairman Kim Seok-dong, Financial Supervisory Service Gov. Kwon Hyouk-se, FSC vice chairman Choo Kyung-ho, Korea Deposit Insurance Corp. president Lee Seung-woo and Bank of Korea senior deputy Gov. Lee Ju-yeol.Kim clarified that the panel will decide on its action “according
Nov. 17, 2011
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