Koreans seek warrants for US equity fund execs (Texas)

[donsu]

http://www.atimes.com/atimes/Korea/HK04Dg01.html


South Korean prosecutors have again requested warrants to arrest three executives of US private equity fund Lone Star, including its vice chairman, on charges of stock-price manipulation, shortly after a Seoul court rejected the demand to arrest them, prosecution officials said on Friday.

The request was made hours after the Seoul Central District Court refused to allow the prosecution to arrest the three executives of Lone Star, including firm vice chairman Ellis Short, saying additional evidence was needed.

The other two are general counsel Michael Thompson and Yoo Hoe-won, the head of Lone Star Advisors Korea, the local unit of the Texas-based company.

The court, however, reissued an arrest warrant for Steven Lee, the former head of the Seoul office, who now has no ties with the company.

They are suspected of involvement in the manipulation of stock prices of the Korea Exchange Bank's credit-card arm in late 2003 ahead of the takeover of the bank by the private equity fund. Lone Star is the largest shareholder of the country's fifth-largest lender.
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