Lone Star Korean Unit Chief Indicted

Law360, New York (January 26, 2007, 12:00 AM EST) -- Korean prosecutors have indicted the local head of American private equity group Lone Star Funds in connection with a probe into the buyout firm’s ill-fated 2003 acquisition of the Korea Exchange Bank.

Prosecution spokesperson Kang Chan-woo said Friday that Paul Yoo, the head of Lone Star Advisors Korea, was indicted on charges of stock price manipulation and tax evasion, the Associated Press reported.

Lone Star and the Korean Exchange Bank have been under criminal investigation since September over allegations that company officials spread false rumors of...
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