3

CONTENTS

4

6

11

29

5 1

57

63

73

79

83

5

6

7

10

- 1 -

- 2 -

* 2011.9.27. 2011.10.27.

* 2011.10.24.

*

*

* , *

* , , ,

* 2011.3.31. * 2011.10.6.

- 3 -

* 41%

* [ 1] 6 1

- 4 -

(2003 9 , 2011 )

15( ) ~

1

. ( )

2 3

, ,

. ( )

(2003 9 2011 )

5 ( ) 155

.

[ 2002.8.21]

(2003 9 )

8 ( )

23

5

.

( )

* 10% 16 1, 2

* 2003 *

- 5 -

(2010.5.17. 2011 )

5

.

1. 22

2. 25

3. 252

4. 342

( 15 7 )

* 2011.10.11. (!!)

- 6 -

* , ,

* , (!!!)

* 6 , 3

- 7 -

*

* , , ,

* ( )

- 8 -

* ICSID(International Centre for Settlement of Investment Disputes)

* , ,

* 4% ( 152)

- 9 -

(2011 )

16( ) 1513 16

212

1521 1531

( . ) 100

4 1513 16212

100 4( "

" ) ,

.

1 6

.

[ 2010.5.17]

* 2010 4% + (1)* 2010

6 4% (2)

*

- 10 -

* ( 164 16 2 )

*

*

- 11 -

* 2003 ( 41%)

* ,

* (voidable)

* , 4% * ,

* , /

* , , ,

*

* * 41% * ( 41% +

) , , ,

*

- 12 -

* ( )

* *

* , , ,

,

* * *

* 4%

- 13 -

*

*

* => 41%

- 14 -

- 15 -

- 16 -

- 17 -

9

- 1 -

,

1) (Lone Star Fund) Lone Star Fund IV(U.S), L.P( "

4" ) 2003. 8. 27. 329,042,672(51.02%)

, 2003. 8. 21. - (LSF-KEB

Holdings, SCA) , 2003. 9. 5. LSF Lone Star Fund IV(U.S), L.P

. LSF 2003. 10. 31. 51%

,

.

- 2 -

2) 164( )

153, 1521, 1531 1623

( "" ) 155, 15

26 1537 ( "" )

.

1

.

1

6 .

3 1531

( 1621 , 1521

1531

100 4 . 5 )

.

3 6

1531

.

1 16233

.

3) 114 ( )

1641 ()

. ,

.

1

.

[ 2010.11.15]

- 3 -

4) 5 ( ) 155

1 .

[ 2010.11.15]

5) 13 ,

.

- 4 -

6) 2009.06.09 9784

100 4 ,

100 9 ( 16 2

1) . 100 4

( 15 2 1).

7) 16( )

1513 16212

1521 1531 (

. ) 100 4

1513 16212

100 4( " " ) ,

.

1 6

.

152( )

( . )

100 4 .

1

.

1

1

.

3

. , 6

.

1. 1

2. 1

- 5 -

3.

1

.

1 ,

, ,

.

3 , .

4 100

4( "" ) ,

.

8 6

.

16( )

1513 16212

1521 1531 (

. ) 100 4

1513 16212

100 4( "" ) ,

.

1 6

.

162( )

( 142

. 2 ) 151

100 9( 100 15) .

1 1 ( )

151

.

12 1521

151 3 .

1. 2 ( "" )

2. ( "" )

3. 5 (

, "" )

. ,

.

.

32

.

1 4

. , ,

.

32 1 .

31 33 ,

- 6 -

.

- 7 -

- 8 -

16 4 (

)

3

6

1531

.

2003(

)

20021

3

( )

9)

(

)

100 5

,

10)

.

200213

406( )

1

, 1

1

.

11) 3

6

.

4. 16 4, 5

- 9 -

4

5

.

8) 2007. 8. 3. 8635 2009. 2. 4.

.

9) (2008.02.29 20653 2008.07.29 20947

)

8610( )

20031 " "

.

1. 20021 3 2004

( )

6

2.

1

10) 2062( )

.

1

.

2

.

,

.

4 .

902( )

20621 .

1. 2063 3, 8, 10 13, 17, 182,

211, 212, 22, 23, 232, 24, 1861 2, 18621,

1863, 18923, 18949, 1902, 191191 2, 199, 200

21 3

2. 1 . , .

. 5

.

. 1

11) 438 387

.

- 10 -

438( )

.

.

.

387( )

4382 .

1. 3

2. 1 . , .

. 5

. 1

. ,

- 11 -

12) 12 U.S.C.1818(b)(3): This subsection, subsections (c) through (s) and subsection (u) of this section,

and section 1831aa of this title shall apply to any bank holding company, and to any subsidiary

(other than a bank) of a bank holding company, as those terms are defined in the Bank Holding

Company Act of 1956 [12 U.S.C. 1841 et seq.]

13) 12 U.S.C. 1813(u): Institution-affiliated party. The term institution-affiliated party means

The term institution-affiliated party means (1) any director, officer, employee, or controlling

stockholder (other than a bank holding company) of, or agent for, an insured depository institution;

(2) any other person who has filed or is required to file a change-in-control notice with the

appropriate Federal banking agency under section 1817 (j) of this title; (3) any shareholder (other

than a bank holding company), consultant, joint venture partner, and any other person as determined

by the appropriate Federal banking agency (by regulation or case-by-case) who participates in the

conduct of the affairs of an insured depository institution; and (4) any independent contractor

(including any attorney, appraiser, or accountant) who knowingly or recklessly participates in (A)

any violation of any law or regulation; (B) any breach of fiduciary duty; or (C) any unsafe or

unsound practice, which caused or is likely to cause more than a minimal financial loss to, or a

significant adverse effect on, the insured depository institution.

14) 10% (controlling shareholder) .

15) 12 U.S.C. 1818(e): Removal and Prohibition Authority,

(1) Authority to issue order. Whenever the appropriate Federal banking agency determines that

- 12 -

(A) any institution-affiliated party has, directly or indirectly (i) violated (I) any law or regulation; (II)

any cease-and-desist order which has become final; (III) any condition imposed in writing by a

Federal banking agency in connection with any action on any application, notice, or request by

such depository institution or institution-affiliated party; or (IV) any written agreement between

such depository institution and such agency; (ii) engaged or participated in any unsafe or unsound

practice in connection with any insured depository institution or business institution; or (iii)

committed or engaged in any act, omission, or practice which constitutes a breach of such party's

fiduciary duty; (B) by reason of the violation, practice, or breach described in any clause of

subparagraph (A) (i) such insured depository institution or business institution has suffered or will

probably suffer financial loss or other damage; (ii) the interests of the insured depository

institution's depositors have been or could be prejudiced; or (iii) such party has received financial

gain or other benefit by reason of such violation, practice, or breach; and (C) such violation,

practice, or breach (i) involves personal dishonesty on the part of such party; or (ii) demonstrates

willful or continuing disregard by such party for the safety or soundness of such insured

depository institution or business institution, the appropriate Federal banking agency for the

depository institution may serve upon such party a written notice of the agency's intention to

remove such party from office or to prohibit any further participation by such party, in any

manner, in the conduct of the affairs of any insured depository institution.

16) 12 U.S.C. 1818(g): Suspension, removal, and prohibition from participation orders in the case of

certain criminal offenses

(1) Suspension or prohibition.-

(A) In general.- Whenever any institution-affiliated party is the subject of any information,

indictment, or complaint, involving the commission of or participation in-

(i) a crime involving dishonesty or breach of trust which is punishable by imprisonment for a term

exceeding one year under State or Federal law, or

(ii) a criminal violation of section 1956, 1957, or 1960 of title 18 or section 5322 or 5324 of title

31, the appropriate Federal banking agency may, if continued service or participation by such

party posed, poses, or may pose a threat to the interests of the depositors of, or threatened,

threatens, or may threaten to impair public confidence in, any relevant depository institution (as

defined in subparagraph (E)), by written notice served upon such party, suspend such party

from office or prohibit such party from further participation in any manner in the conduct of

the affairs of any depository institution.

17) 18 U.S.C. 1829: (a) Prohibition

(1) In general

Except with the prior written consent of the Corporation -(A) any person who has been

convicted of any criminal offense involving dishonesty or a breach of trust or money laundering,

or has agreed to enter into a pretrial diversion or similar program in connection with a

prosecution for such offense, may not -(i) become, or continue as, an institution-affiliated party

with respect to any insured depository institution;(ii) own or control, directly or indirectly, any

insured, depository institution; or (iii) otherwise participate, directly or indirectly, in the conduct

- 13 -

of the affairs of any insured depository institution; and (B) any insured depository institution may

not permit any person referred to in subparagraph (A) to engage in any conduct or continue any

relationship prohibited under such subparagraph.

18) 2010. 11. 25.

,

M&A .

- 14 -

19) ( ), , , 2011, 528

20) ( ), , SFL, 2011, 760

- 15 -

- 16 -

21) .

- 17 -

22) 1991.12.24. 9012243

,

(

)

,

.

23)

( 1991. 12. 24. 9012243 ), 15

.

15 10% 51.02%

.(2011. 4. 5.

)

- 18 -

- 19 -

- 20 -

29

51

*

57

- 1 -

:

1.

.

- 2004

- 2004 2005 ,

2005

- , , 3

, ,

-

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2008

-

.

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- 2003 (

) 3

- 1997 ,

- 1999 , 2002

2003

-

,

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,

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5 , 3 300%

- 2 -

.

- ,

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2.

.

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- 2004.10.14 - ,

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- 2006.3.7 - ,

- 2006.9.27 - ,

- 2006.11.23 - ,

- 2007.3.27 - ,

- 2008.9.19 - HSBC,

- 2010.11.24 - ,

- 2011.3.10 - ,

- 2011.10.6 - , 3,

250

- 2011.10.13 - ,

.

- 2011.10.17 - (7)

- 2011.10.25 - (3 )

- 2011.10.31 - (7)

- 2011.11.8 -

.

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3.

. ,

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-

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,

, 4%

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-

.

- ,

( PGM

2010)

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-

(10 29 )

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4%

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.

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4%

,

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( )

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4% (6%)

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.

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2003

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4.

.

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, 2003

- 15% ,

4%

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.

- ,

()

-

- ,

( ) SC

-

- , ,

- ,

-

, 30%

15,716 9,866 ,

62.7% ( 71.05%. 66.15%)

- ,

SC ,

- , CEO

- 2003 , ,

(KDB-), IB

- , ,

- ,

.

- 2004

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-

5.

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- 9 17

- 1% , 99%

- 30 1% 99%

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-

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.

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- 5, 10

- 20

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.

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-

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. .

63

1 ( )

2

3

4

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6

7 4 &

8

9

10

11 ( )

12 164 1

()

2003

/ .

, , 3

2006 ( )

.

, , , , , ,

, , ,

(buyer's remorse)

(2011 10 31 )

/

.

2003. 09. 26

2006. 05. 19. -

2006. 11. 23. -

2007. 06. 22. -HSBC

2008. 09. 19. -HSBC

2010. 11. 25. -

2011. 11. 01

2006 -, 2007 -HSBC

/ .

.

2011 / :

.

-HSBC

,

.

2008 9 ,

HSBC .

2010 11 - .

2011 3

. 2008 HSBC

.

.

.

. -

2 .

.

.

.

.

()

.

.

.

,

.

83

83