Lone Star disappointed in amount of award over dispute with South Korea

SEOUL (Reuters) – U.S. personal fairness agency Lone Star Funds mentioned it was disillusioned within the quantity a global tribunal ordered South Korea to pay as damages over its sale of Korea Alternate Financial institution, in line with an announcement acquired on Thursday.

“We’re disillusioned within the quantity of the award which fails to completely compensate Lone Star and its buyers for losses,” it mentioned, with out disclosing what it could do with the ruling by the Worldwide Centre for Settlement of Funding Disputes.

Lone Star had sought fee of $4.68 billion in a declare it filed in November 2012, of which the World Financial institution Group organisation ordered the South Korean authorities in a ruling acquired on Wednesday to pay $216.5 million plus curiosity.

South Korea’s justice minister mentioned on Wednesday the ruling was unacceptable and that he would contemplate looking for the annulment of the order.

(Reporting by Choonsik Yoo; Enhancing by Stephen Coates)