[Editorial] A Tribute to Those Who Work in the Shadows

A battle spanning more than a decade has finally ended. It has been exactly 13 years since Lone Star Funds, an American private equity firm, demanded damages after selling Korea Exchange Bank (KEB) in 2012. If we go further back, everything began in 2003 when Lone Star Funds started acquiring KEB, making it a 22-year saga.
It took ten years for the first ruling to be handed down. The attorneys representing the case and officials from the United States Department of Justice (DOJ) never gave up. They worked quietly behind the scenes on a case that drew little public attention. Han Dong-hoon, then a prosecutor at the Central Investigation Unit of the Supreme Prosecutors' Office (CIU), led the indictment against Lone Star Funds. Later, as Minister of Justice, he challenged the ruling by the International Centre for Settlement of Investment Disputes (ICSID) under the World Bank, filing for annulment despite widespread concerns. Choo Kyung-ho, then floor leader of the People Power Party and head of the Prime Minister's Office, also devoted his efforts to coordinating government ministries.
During the main litigation process, the roles of government ministries and legal counsel were pivotal. Attorneys Kim Junwoo and Woojae Kim from Bae, Kim & Lee LLC (BKL), and Kap-You (Kevin) Kim, Joara, Seokjun Yoon, and Bang Jun-pil from Peter & Kim, were involved. They declared that they had 'staked their legal careers' on this case, demonstrating genuine commitment throughout the decade-long battle. Although few recognized their efforts, they persevered with the conviction that victory was possible, dedicating their careers to a seemingly endless fight. Kim Cheol-su, Joara, and Han Chang-wan, then directors at the DOJ, Kim Myeongjun, director at the National Tax Service (NTS), and Juhyung Son, director at the Financial Services Commission (FSC), all rolled up their sleeves and treated the case as their own. Even during the vacancy in the presidency following the impeachment of former President Yoon Suk Yeol, public officials endured and managed the situation through to the Lee Jae-myung administration.
The legal battle is not over yet, as Lone Star Funds has left open the possibility of further litigation regarding the outcome. Should another lawsuit proceed, the protracted struggle will continue. Nevertheless, our confidence and hope stem from the quiet sacrifices of these individuals. Over more than ten years, they steadily built a foundation of legal logic and evidence, which can now serve as a basis for any additional litigation.
The political sphere should not claim this achievement for itself, but rather credit those who made sacrifices. Politicians are using the outcome for partisan strife. It is truly shameful, yet it reflects the current state of politics in Korea. Without the dedication of these individuals, there would be no political boasting over this achievement. Those who deserve our applause are the public officials and lawyers who formed a steadfast team across five presidential administrations. The results of their devotion are not the exclusive property or legacy of the political class. Now is the time to pay tribute to those who worked quietly in the background.
[email protected] Reporter