As criticism arose that the ruling bloc was "stealing the credit" after Korea scored a complete victory in the investor-state dispute settlement (ISDS) with the U.S. private equity firm Lone Star over the sale of Korea Exchange Bank, Prime Minister Kim Min-seok and Justice Minister Jung Sung-ho acknowledged the contributions of former People Power Party leader Han Dong-hoon.
Prime Minister Kim Min-seok wrote on Facebook on the 20th, "This is exactly the kind of matter that should not be turned into a political dispute," adding, "When I meet former Minister Han Dong-hoon, I plan to tell him he did well to file for partial annulment of the ISDS award."
Kim said, "Early this morning I called to thank those who played a key role in this Lone Star victory," mentioning Justice Ministry Director-General Jeong Hong-sik, Justice Ministry Director Jo Ara, attorney Kim Jun-hee, attorney Kim Gap-yu, attorney Kim Jun-woo, and Financial Services Commission (FSC) Director-General Jeon Yo-seop.
He went on, "Each of them modestly said they only did their jobs," adding, "Many others also worked hard. In truth, these people are the real contributors." He continued, "I told Minister Jung Sung-ho to go ahead and have a chicken-and-beer party, and when President Lee Jae-myung returns, he will commend them as well."
Justice Minister Jung Sung-ho also wrote on Facebook, "The victory in the Lone Star case is a national celebration. But after the win, there arose a controversy over who was trying to take credit," adding, "When we moved to seek annulment in this arbitration, some argued that, given past cases, the chances of success were very low, so why spend so much expense to file for annulment."
He wrote, "But at the time, Justice Minister Han Dong-hoon decided to pursue annulment, trusting the possibility," adding, "It was the right thing to do. It was a decision that will be credited as one made with conviction."
Jung said, "The annulment litigation moved in earnest after Minister Han left the Justice Ministry, there was an oral hearing during the time of internal unrest, and it was concluded after the Lee Jae-myung administration took office," adding, "The unwavering efforts of Justice Ministry staff, the government's counsel acting as agents, and all stakeholders during a time of political turmoil came together to produce the victory."
Earlier, in 2012, Lone Star filed an ISDS with the International Centre for Settlement of Investment Disputes (ICSID), claiming that it suffered losses because the government delayed approval procedures for the sale of Korea Exchange Bank and seeking $468 million (about 6.9 trillion won) in damages. The ICSID tribunal partially accepted Lone Star's claims and ordered the government to pay $216.5 million plus interest. At the current exchange rate, that is about 400 billion won.
In Jul. 2023, Lone Star filed for partial annulment of the 95.4% portion it lost. In Sep. of the same year, the government sought partial annulment of the 4.6% portion it lost. At the time, the justice minister was former leader Han Dong-hoon.
After the government won the lawsuit against Lone Star, former leader Han wrote on Facebook, "At the time we filed for annulment, the Democratic Party and related figures sneered that it was 'Han Dong-hoon's baseless confidence.' They cursed that I would become a 'criminal before history and the people,'" adding, "They pressured me, asking whether I would pay the interest instead if we lost the suit."
He continued, "Those Democratic Party figures should repent and apologize to the people instead of offering absurd self-congratulation," adding, "Prime Minister Kim Min-seok, who had been focused on bashing the Seoul city government, suddenly gave a direct briefing out of the blue. Don't try to grab the credit in such an obvious way—apologize as the leader."