Prostar Capital, which is now pushing to acquire Kyungnam Energy, turned out to be an SK Group-affiliated fund. Some raised doubts about the potential of a roundabout bidding, claiming that SK Group joined the bidding not through its energy subsidiary but through its offshore fund.
The Financial Supervisory Service’s e-disclosure system showed on February 10 that the Australian infrastructure fund Prostar Capital was registered as an affiliate of SK Group. A total of nine companies, including Prostar Capital Ltd., Prostar Capital Australia Pty Ltd, and Prostar Capital Management Ltd., were registered as Prostar-related affiliates.
Among them, Prostar Management Ltd., headquartered in the tax haven Cayman Islands, controls other Prostar companies, including Prostar Management located in the United States and Australia.
Some industry experts said, “It is difficult to figure out the flow of capital particularly for those investment companies headquartered in tax havens. It is difficult to understand why SK Group joined the domestic M&A deal not through its domestic affiliate but through an offshore fund.”
Hana Financial Group, the parent company of KEB Hana Bank, will acquire a shopping center building and its surrounding land in a small Japanese city for around 50 billion won ($44 million), with a view to reselling part of its&hellip
KEB Hana Bank, a leading South Korean lender, has arranged $300 million lease financing for an aircraft portfolio of Avolon, in the first financing arrangement by a South Korean bank for the Irish aircraft leasing firm, according to local newspaper reports.&hellip
Korea Scientists and Engineers Mutual-aid Association (SEMA) has decided to make its first allocation to global private debt funds by committing $30 million to each of Golub Capital and Ares Management, and is considering committing an additional capital to European&hellip