US private equity fund wins Pyrrhic victory over Seoul

SEOUL – A 10-year arbitration battle wrapped up on August 30 with the International Center for Settlement of Investment Disputes (ICSID) awarding American private equity finance fund Lone Superstar US$217 million in damages from the Southern Korean government.

The case has been sparked by what the particular Dallas-based fund alleged was Seoul’s refusal to permit the sale of a distressed asset it had obtained within a reasonable time period, robbing it of billions of dollars worth of profits. Lone Star opened proceedings at the ICSID in 2012.

However , this dry description does not do the investor-state dispute, which happened in the tumultuous wake of the 1997-8 Asian financial crisis, justice.

The extremely emotive struggle noticed unionists wielding machetes, secret cameras embedded in C suites, fund chairmen getting grilled in court and questions being asked behind closed doors in Washington’s corridors associated with power.

The particular post US private equity account wins Pyrrhic triumph over Seoul appeared initial on Asia Times .

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Ten killed in Indonesia in truck crash outside school

BEKASI, Indonesia: At least 10 people have been killed, including some children, after a truck crashed on Wednesday (Aug 31) near a bus stop outside a school in Indonesia’s West Java province, police said. The students were waiting at the bus stop after class in the city of Bekasi, whenContinue Reading