Money exchange

Korea Exchange Bank

Their activity constituted a grave fraud activity and severely damaged the interest of minority shareholders of KEB Credit Service

Korea Exchange Bank (KEB) is a specializedforeign exchange bank in South Korea. It is headquartered in Seoul, and was established in 1967. Korea Exchange Bank is the largest foreign exchange bank in South Korea and had a big impact in the banking industry in South Korea.

Prosecutors Beef Up KEB-Lone Star Probe

Lone Star Head Slams Korean 'Xenophobia' Lone Star in Volte Face Over Taxes on KEB Sale Ex-Deputy PM Implicated in KEB Corruption Web BAI Confirms Fraud in KEB Sale to Lone Star Prosecutors Shrug Off Lone Star Ultimatum KEB Sale in Limbo as Lone Star Wants More Cash The Supreme Public Prosecutor's Office decided Tuesday to beef up a team investigating irregularities in the sale of Korea Exchange Bank to the offshore investment fund Lone Star. The team will start summoning key figures for questioning next week to examine allegations raised by a Board of Audit and Inspection probe that KEB was sold at a dumping price.

"We increased the number of investigators to some 70, including eight prosecutors, by adding two more prosecutors and staff from the National Tax Service and the Financial Supervisory Service,” prosecutors said. “We are reviewing materials seized in connection with the Lone Star scandal to prepare to question related figures next week.”

BAI investigations have thrown up circumstantial evidence implicating former KEB president Lee Kang-won, now president of Korea Investment Corporation, Bogo Fund CEO and former director-general of the Finance Ministry’s Financial Policy Bureau Byeon Yang-ho, and Deputy Finance Minister Kim Seok-dong. They and other former and current officials in the Finance Ministry will be questioned about the allegations that KEB's BIS capital adequacy ratio was manipulated to justify the sale and other charges.

That could also include former deputy prime minister Lee Hun-jai, who is under a travel ban over alleged dubious earnings, with a prosecutor saying Lee was “not a person unrelated to the Lone Star scandal.”

Acquisitions

It was acquired in 2003 by Lone Star Funds, a private U.S. equity fund, as part of the general reorganization of the South Korean financial sector following the Asian financial crisis. In 2006, Lone Star tried to sell the company to the highest bidder, Kookmin Bank, but the plan was scrapped when it faced investigations by South Korean prosecutors and regulators.

In September 2007, HSBC agreed to purchase a controlling stake for $6 billion, but the sale was not to approved by the South Korean government.

In September 2008, Kookmin Bank and Hana Bank considered for a takeover of KEB after HSBC failed to acquire the bank in 2007.

Lone Star’s chief of Korean operations, Paul Yoo, was found guilty and sentenced to five years in prison. He was taken directly to prison from the courtroom. Ruling for the court, Lee Kyung Choon stated:

Fines of 25 billion won were levied as well. John Grayken was quoted as saying “Lone Star maintains that there is simply no credible evidence to support the court’s findings. Lone Star will appeal this decision and is confident that it will be reversed.”

Naturally, then there are completely opposite messages in headlines such as “El-don’s” (LMB’s man from planet Krypton) declaration that “insiders must end outside barriers”.

What next then?

History

Former KEB Partners executive arrested in Lone Star scandal.

Korea Exchange Bank was established in 1967 as a government-owned bank specializing in foreign currency. It was privatized in 1989 and was one of Korea's first commercial banks.

During the 2002 World Cup Games in Korea and Japan,KEB was the first bank in Korea to export Korean won to another nation, by exporting bundles of 10000 won notes to Japan.

Former KEB Partners executive arrested in Lone Star scandal. '

Foreign Exchange

Korea Exchange Bank has been the longest running exchange bank in South Korea. It has been the only bank providing foreign exchange before other banks were authorized to do so. Neverthless, it is still the largest and the most popular foreign exchange bank in South Korea. The foreign exchange trademark of Korea Exchange Bank is 외환은 외환은행, which means "Foreign Currency at Korea Exchange Bank". With foreign currency exchange, foreign currency accounts, foreign currency coin exchange, foreign currency remittance, travelers checks, etc., Korea Exchange Bank has a variety of foreign currency products. KEB currently provides more than 37 currencies for foreign exchange. The currencies KEB provides are:

  • dollar | dollar
  • real | peso
  • dollar | dollar
  • pound | rand
  • dollar | taka
  • rupee | yen
  • baht | rupee
  • ringgit | new dollar
  • dollar | rupiah
  • renminbi | peso
  • dollar | dong
  • dinar | riyal
  • new shequel | dinar
  • dinar | dirham
  • krone | pound
  • krona | ruble
  • forint | franc
  • krone | euro
  • zloty

All branches of Korea Exchange Bank in both South Korea and some foreign branches (notably Japan and Canada) provide foreign exchange services with major currencies such as US Dollar, Euro, British Pound, Japanese Yen, Swiss Franc and more.

I would not recommend to anyone considering doing business with this bank especially, getting a credit card, firstly they offer the credit card for 120.000 won annual fee, with hooks such as 50% coupons of hotel fees, except you could get the same rate if you just walked in, but that's not the issue,

For my late payment of 30 days or so, they cut my credit line in half almost or so, from 2,000,000 dollars, per month to $1200.00 without notifying, I rectified the problem, and agreed to restore the credit, after all sorts of delays, like calling me Friday evening after business hours, promising it would be restored by the following Monday, as long as I deposited some past payment which they failed to notify me about until it was too late, anyhow long story short, if you wanna get caught with your pant's down, please go ahead and get a card from this bank, I promise, you are gambling to get caught naked. I am a 2 year loyal customer of this bank, who they treat like a buffoon, and by the way it didn't get restored Monday but Tuesday, and I asked them specifically if they want to do that again, please please please notify me, So guess what happens Wednesday, 24 hours later, they suspend it again, while I am a gas station, and it's not working, and they say guess what, I am late 15 days, on another bank card, so until I don't pay that one, they won't let me use this one. I know very well I am late, and it's covered this Friday. guaranteed. All dealt with, and I know my budget and what I am doing.

Anyhow they won't restore unless the other payment with the other bank which they have no idea of my understanding with, so I am late 15 days, that's how come I pay interest, . which is resolved. anyhow this insensitive..bank. screwed..me again within 24hours. honest to god. This is who you will be dealing with .

Sincerely,

PS. Anyhow like I said if you wanna get caught with you pants down, this is the bank, trust me.

Lone Star’s chief of Korean operations, Paul Yoo, was found guilty and sentenced to five years in prison. He was taken directly to prison from the courtroom. Ruling for the court, Lee Kyung Choon stated: Their activity constituted a grave fraud activity and severely damaged the interest of minority shareholders of KEB Credit Service''

Fines of 25 billion won were levied as well. John Grayken was quoted as saying “Lone Star maintains that there is simply no credible evidence to support the court’s findings. Lone Star will appeal this decision and is confident that it will be reversed.”

Naturally, then there are completely opposite messages in headlines such as “El-don’s” (LMB’s man from planet Krypton) declaration that “insiders must end outside barriers”.

What next then?

Coin Exchange

Korea Exchange Bank is one of the only specialized banks in South Korea that buys and sell foreign currency coins. Foreign currencies of coins exchangeable at KEB are:

KEB is the only Korean bank with a Foreign Coin Exchange Desk at the Incheon International Airport branch.

No it isn't

See also

Their activity constituted a grave fraud activity and severely damaged the interest of minority shareholders of KEB Credit Service

External links

Their activity constituted a grave fraud activity and severely damaged the interest of minority shareholders of KEB Credit Service

Search another word or see Money exchangeon Dictionary | Thesaurus |Spanish
Copyright © 2014 Dictionary.com, LLC. All rights reserved.
  • Please Login or Sign Up to use the Recent Searches feature
FAVORITES
RECENT

;