South Korea Investigators Raid Citigroup Unit

Law360, New York (October 17, 2006, 12:00 AM EDT) -- South Korean prosecutors raided an office of Citigroup Global Markets Inc. Tuesday as part of a probe into a U.S.-based private equity group’s acquisition of the Korea Exchange Bank.

Four prosecutors and 20 investigators took three boxes of information from the Seoul office of Citigroup’s securities unit, the Associated Press quoted a spokesman for the South Korean Public Prosecutors Office as saying.

The Citigroup unit managed Lone Star’s 2003 acquisition of a controlling interest in the bank. The private equity group has been under investigation since...
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