Rival parties spar over credit after World Bank tribunal nullifies fine over Lone Star Funds

Rival parties on Wednesday stood at odds over a decision by a World Bank tribunal that nullified its order for Korea to pay $216.5 million in compensation plus interest to Texas-based private equity firm Lone Star Funds. In 2022, the World Bank's International Center for Settlement of Investment Disputes (ICSID) ordered Korea to pay the fine over a decadelong dispute over Lone Star's sale of Korea Exchange Bank (KEB). A day after the ICSID's annulment committee ruled in favor of Korea, overturning the entire award, the ruling Democratic Party of Korea (DPK) hailed it, while the main opposition People Power Party (PPP) argued it was an achievement made under the previous Yoon Suk Yeol administration. "I was pleased to hear the good news that Korea won the case and that we do not have to pay 400 billion won in compensation," DPK leader Jung Chung-rae said during a Supreme Council meeting in the southeastern city of Daegu. Rep. Jeon Hyun-heui, a member of the party's Supreme Council, expressed "deep respect" for the government officials who devoted themselves to earn what she described as aWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times