Lone Star Chairman Arrived in Korea for Court Trial

John Grayken, Lone Star chairman, arrived in Korea on Jan.9 to attend a court hearing on Jan 11 as a witness for the alleged stock price manipulation of KEB card. He will face intensive investigation by prosecutors after appearing in the court.

Asked whether the chairman can depart from Korea whenever he wants, prosecutor Kim Kang-wook said “he should abide by the Korean law,” hinting it is highly likely that he might be grounded until the investigation ends.

It seems the hope that his appearance could speed up the stalled sell-out of KEB to HSBC by April 30 when the contact expires encouraged the chairman to visit Korea.

But it remains to be seen whether his appearance in the court can expedite the investigation to finally bring an end to the dragged-on sale process or further aggravate the already painful procedure.