After 13 years since the sale of KEB happened it appears the Lone Star saga may finally be over:

An international arbitration body for investor–state dispute settlement has ruled in favor of South Korea in its challenge to the award for private equity fund Lone Star over its 2012 sale of a local bank, Prime Minister Kim Min-seok said Tuesday.

The International Center for Settlement of Investment Disputes (ICSID)’s annulment committee has nullified the earlier decision ordering South Korea to pay Lone Star US$216.5 million in compensation plus interest, Kim said in a briefing.

“The government’s compensation liability, which was roughly 400 billion won based on the current exchange rate, has been retroactively extinguished,” Kim said. “I believe that, thanks to our people’s support, the country’s fortune is moving in a positive direction.” 

Under the latest ruling, Lone Star is required to pay South Korea’s legal costs incurred during the proceedings — about 7.3 billion won (US$4.98 million) — within 30 days, Kim added.

South Korea had appealed the ICSID’s 2022 ruling to pay the compensation to Lone Star, after the private equity fund filed a suit in 2012 claiming that the South Korean government interfered with the sale of Korea Exchange Bank (KEB), incurring $4.67 billion in losses.

The presidential office said it welcomes the ruling that has now “corrected the error.”

Yonhap

You can read more at the link, but basically Lone Star made a bunch of much money in Korea by selling the Korea Exchange Bank and then tried to take its profits outside the country.  Their sale of the KEB led to large protests which caused the government to try and stop the sale any way it can. This all happened back in 2012 and was just one of a handful of anti-U.S. issues activists were using to stoke anti-American sentiment in Korea at the time.

Having ran in many races I have seen the growing rise in these races which is largely due to the fact they have become easy money makers for the organizations that put them on:

As running becomes one of South Korea’s fastest-growing pastimes, Seoul is facing a new challenge: a marathon calendar packed so tightly that major roads are blocked almost every weekend, prompting widespread complaints that the city’s fitness fever is pushing everyday life off course.

Streets in central districts, from Gwanghwamun and Jongno to the Han River bridges, have been repeatedly shut down for early-morning events that funnel tens of thousands of runners through the city’s most heavily trafficked corridors.

On Sunday, another large-scale race, hosted by a local media group, drew an estimated 30,000 participants. The course required step-by-step traffic control, diverting buses and vehicles throughout the morning.

For many residents and workers, however, it was a growing strain.

“It’s good to run for health, but it shouldn’t come at the expense of ordinary citizens,” said Kim Keon-ho, 72, who found himself rerouted Sunday morning. “The roads are all closed, but there’s little guidance on where to go. Elderly people struggle with the subway stairs, and yet that’s the only option they are told to use. It’s frustrating.” (………..)

Data shows a steep rise in both events and complaints.

National data submitted to Rep. Park Jeong-ha showed that the number of marathons held in Korea surged from 19 events in 2020 and 49 in 2021 to 254 in 2024, with more than 1 million participants, an increase of more than thirteenfold in four years.

With the trend, the frustration grew. According to Seoul city figures, public complaints tied to marathon traffic disruptions grew from 15 in 2021 to 69 in 2022, 498 in 2023 and 461 in 2024. Through September this year, 350 complaints had already been filed.

Korea Herald

You can read more at the link.

It is a bit surprising how many issues this ferry boat keeps having:

Seoul’s Hangang Bus service came to an abrupt halt again when one of its vessels ran aground 118 meters from Jamsil dock on Saturday evening. The incident took place less than two weeks after resuming operations following a monthlong service suspension due to repeated breakdowns.

The hybrid-powered ferry, carrying 82 passengers, stopped after striking the riverbed at 8:15 p.m. All aboard were safely evacuated within an hour by fire and police rescue teams. No injuries were reported.

City officials, led by Park Jin-young, head of Future Han River Headquarters, explained that the ferry’s propeller and protective skeg likely scraped the bottom of the riverbed, transferring a shock to the hull.

Korea Times

You can read more at the link.

This is just another example of the growing arms race in Northeast Asia due to the rise and territorial expansionism of China:

The Pentagon’s No. 3 official has heaped praise on South Korea for being the first U.S. treaty ally outside of NATO to hike defense spending to 3.5% of gross domestic product — a move expected to impact Japan’s own spending plans.

“South Korea has now committed to spending 3.5% of its GDP on defense as soon as possible,” U.S. Undersecretary of Defense for Policy Elbridge Colby wrote Friday on X. “It is America’s first non-NATO treaty ally to commit to the standard set by President (Donald) Trump at the Hague Summit.” (………)

Still, South Korea’s agreement to hike spending to the 3.5% level will reverberate in Tokyo.

At his first meeting with new Defense Minister Shinjiro Koizumi late last month, Hegseth said “there were never any demands” from Washington that Tokyo further hike its defense spending.

But media reports in June said Colby had asked Japan to raise its defense spending to 3.5% of GDP, a request that prompted Tokyo to call off annual “two-plus-two” security talks involving the allies’ top diplomats and defense chiefs.

Prime Minister Sanae Takaichi has committed to have Tokyo shoulder more of the security burden in its alliance with Washington by emphasizing a plan to have Japan reach a defense spending target of 2% of GDP by the end of this fiscal year, effectively moving a planned hike ahead by two years.

Japan Times

You can read more at the link.

Notice how there has been no criticism of President Lee in the media or politicians for this accident unlike former President Park when the Sewol ferry sunk?:

President Lee Jae Myung on Sunday pledged to determine whether there were safety lapses at a thermal plant site in the southeastern city of Ulsan where seven workers were killed and sternly punish those found accountable.

Lee made the remark after authorities on Friday recovered the last of the seven workers who were trapped when a 63-meter tower at the plant collapsed on Nov. 6. The bodies of the six others had been recovered. 

“As the person ultimately in charge of public safety, I am genuinely and deeply sorry,” Lee wrote on Facebook. “Despite the people’s wishes, all seven trapped workers returned to their families as bodies. My heart is deeply torn.”

Yonhap

You can read more at the link.

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