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Korea Exchange Bank CEO Richard Wacker met with Lone Star executives in Tokyo last week. Wacker, who was appointed by the offshore fund that took over the bank in 2003, made another secret trip to the U.S. on Nov. 23, right before Lone Star terminated the sale of KEB to Kookmin Bank, suggesting that Lone Star calls him in before it makes important decisions involving the bank. A senior financial source on Tuesday said Wacker met with senior Lone Star executives in Tokyo on Dec. 19 and 20 accompanied by a KEB legal advisor.
Whom Wacker met in Tokyo is unclear, but it was likely either Lone StarĄ¯s legal adviser Mike Thomson or vice chairman Ellis Short, since neither can come to Korea, where a warrant is out for their arrest on charges of manipulating KEBĄ¯s stock price to take over the bank at a dumping price. Financial industry insiders say the offshore fund is contacting several foreign companies behind the scenes to sell its stake in KEB. A KEB staffer confirmed that Wacker met with Lone Star executives in Tokyo but said he discussed issues like dividends, not the sale of the bank.
As majority shareholder, Lone Star is looking to reap massive dividends since profits from the bankĄ¯s sale have been delayed after the plan to sell off KEB was frustrated due to the criminal investigation. However, the Financial Supervisory Service is unlikely to approve the dividends. Meanwhile, the KEB labor union is seeking ways to help the bank stand on its own feet in the belief that Lone Star will soon try to sell its share to another financial company. Kim Ji-sung, the KEB union head, said the union will not oppose the sale if a foreign or domestic sound financial company takes over it promising to keep the bankĄ¯s name, guarantee employment and help the bank find its way into overseas markets. He said he was willing to discuss this with Lone Star if necessary.
(englishnews@chosun.com )
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