Carlyle will be closely examined over Hana deal
By Kim Jae-won
A powerful ruling party lawmaker leading the National Assembly’s National Policy Committee has vowed to prevent foreign private equity funds from bolting with a great deal of gains in Hana Financial’s purchase of the Korea Exchange Bank (KEB).
“It is our job to ensure that foreign funds won’t invest a little and make a great deal of profit in what we call an ‘eat-and-run’ practice or ‘meogtwi,’” Rep. Huh Tae-yeol of the ruling Grand National Party (GNP) said in an interview with The Korea Times. “Parliamentary scrutiny will begin in the new Assembly session beginning in February.”
Hana is courting a group of foreign private equity funds to finance its purchase of KEB. The group included Carlyle Group, one of the biggest U.S. private funds.
Huh said that no efforts will be spared to vet whether President Lee Myung-bak has influenced Hana’s deal with the Dallas-based private equity fund Lone Star.
“I personally think that speculation about President Lee’s role in the deal is groundless but the opposition parties still argue that there should be no doubt whatsoever,” Rep. Huh said. Huh is a three-term lawmaker from Busan.
In addition, Huh said that he will see to it that the interest of the KEB union won’t be unfairly compromised. “I don’t see any merger & acquisition deal that has been successful without winning the support of a union,” he said.
Hana Financial, the fourth largest financial group by assets, signed a $4.2 billion (4.7 trillion won) deal with Lone Star Funds in late November to buy the U.S.-based buyout company’s controlling 51 percent stake in KEB.
Hana Financial has been talking with Carlyle Group, MBK Partners, Affinity Equity Partners and Corsair Capital to bring them on board as financial investors in order to shore up the shortfalls in its own funding.
Huh’s committee supervises the Financial Services Commission (FSC), which is now examining the Hana-Lone Star deal for approval.
The 65-year-old legislator said he will look into the deal carefully to find whether there is any illegal agreement, capital outflow of national wealth, and excessive side deals between the two parties.
Lone Star has been criticized for making many times its investment in capital increase. The Texan private equity firm has also had some legal battles with the National Tax Service (NTS) since it launched business here in 1998.
Hana Financial faces a bumpy road ahead of approval from the FSC after it struck the surprising deal with Lone Star, including resistance from the KEB union.
The KEB union has demonstrated against Hana Financial’s attempt to buy the lender, saying the deal could plunge both Hana and KEB into trouble for Hana Financial’s lack of financial and management ability.
Huh said he has met leaders from the KEB union, and will examine the case in a position of protecting the KEB union.
“KEB union leaders visited me to discuss the deal. They were afraid of losing their jobs in the deal,” said Huh. “I am a National Assemblyman, who has the responsibility to protect the minority. I will examine the case in the union’s shoes.”
The FSC will unveil its examination results on the case in April. The committee’s discussion in February seems to affect the process. There are 24 legislators in the committee — 14 from the governing Grand National Party, including Huh, seven from the main opposition Democratic Party, and the other three from minor opposition parties.
‘하나금융 계약과 관련해 칼라일에 대해 살펴볼 것’
국회 정무위원회를 이끌고 있는 여당 중진의원이 하나금융의 외환은행 인수와 관련해 외국계 사모펀드들이 적은 투자로 큰 이익을 얻어가는 일을 막겠다고 다짐했다.
“외국계 펀드들이 적은 규모의 투자로 큰 이익을 얻어가는 ‘먹튀’를 막는 것이 우리 일입니다,” 라고 국회 정무위원장인 한나라당 허태열 의원이 말했다. “2월 국회 회기 중에 이 문제를 논의할 것”이라고 그는 덧붙였다.
하나금융은 외환은행 인수 자금을 마련하기 위해 미국에서 가장 큰 사모펀드 중 하나인 칼라일그룹을 포함한 외국계 사모펀드들과 접촉 중이다.
허 의원은 이명박 대통령이 하나금융과 론스타와의 계약에 어떤 영향을 미쳤는지에 대해서도 철저히 알아볼 것이라고 말했다.
“저는 개인적으로 이 대통령이 이 계약에 관여했다는 주장이 억측이라고 생각합니다. 하지만, 야당이 이 에 대해 문제제기를 할 것이기 때문에, 다음달에 국회가 열리면, 그걸 따져 보겠습니다,”고 허 의원은 말했다. 허 의원은 부산에 지역구를 둔 3선 의원이다.
이명박 대통령과 하나금융 김승유회장은 1960년대 초반 고려대에서 함께 경영학을 공부한 것으로 알려졌다.