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Saturday, July 1, 2006
Volume:
22
Issue:
7
281
Abstract:
On May 9, 2006, South Korean prosecutors announced the detention of Paul Yoo, president of Lone Star Advisors Korea, on suspicion of embezzlement and breach of trust. In September 2006, Stephen Lee, former head of Lone Star’s South Korean operations, left the firm. In April 2006, Lone Star Chairman John Grayken said that Lee had been dismissed for misappropriating funds, and that the company planned to sue him. Lee’s counsel claims that he has repaid all misappropriated funds.