The Financial Supervisory Service has taken a CYA stance in terms of HSBC’s interest in KEB and declared that it will not approve the sale until the court has ruled on the Lone Star case.
Considering that it will be months maybe years before the case can be resolved, I doubt HSBC will be around if and when the courts rule that Lone Star can sell its stake. Which means if and when Lone Star does sell, the only suitors willing to pick up KEB will most probably be Korean.
Score one for nationalism.
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Oh, HSBC will still be around, it’s been around for a hundred years or so…a year or two more is just an inconvenience. Besides them, there are any number of foreign banks who might be tempted to buy KEB in the future.
When Lee MyungPak is president in January, these prosecutors will be given a boot in the ass/transfer to Jindo, and this continuing farce will end in a sensible business way. My prediction, anyway.
When Lee MyungPak is president in January,
ROK presidents are inaugurated on February 25.
Technically, yeah. But I remember back in the dark, dreary days of the IMF that Kim Young Sam basically walked out of his office right after DJ was elected in Dec of 97, and left DJ to start running the country months before his official inauguration.
I thought Prostituters er sorry I mean Prosecutors were the intellectual elite of Korea, or was that Stem Cell Researchers? Can’t remember.