The South Korean Central District Court has found US firm Lone Star Funds guilty of manipulating the stock price of the credit card division of the Korea Exchange Bank, in order to acquire the division on the cheap shortly after paying $1.2 billion for a 51 percent stake in the bank in 2003.
Korea finds Lone Star guilty of stock price manipulation
The firm’s country head, Paul Yoo, has been sentenced to five years in prison, while Lone Star has been fined $26 million by a Korean court.
