Court rules against Lone Star in $125.9 mil. tax case

The Seoul High Court on Thursday ruled against Lone Star Funds in its suit against the Korean and Seoul city governments over 168.2 billion won in taxes. The case returned to the appeals court after the Supreme Court remanded it, ruling that refunds of withheld taxes belonged to Korea Exchange Bank and other withholding agents, not Lone Star. The firm had sought 153 billion won from the government and 15.2 billion won from the municipality.

Lone Star and affiliate firms bought large stakes in Korea Exchange Bank, Kukdong Engineering Construction and Starlease between 2002 and 2005, then sold some of the shares at a profit in 2007.

The firms cited the Korea-Belgium tax treaty to pay less tax than local companies would have.

The National Tax Service levied additional corporate taxes against Lone Star and its entities, offsetting them with withheld taxes.

The Supreme Court ruled in Lone Star’s favor in 2017 in a separate case seeking cancellation of corporate taxes, rejecting the tax authority’s argument that the firm had a fixed footing in Korea.

Published Oct 22, 2026 12:36 pm KST

Updated Oct 22, 2026 1:21 pm KST

This 2006 file photo shows Lone Star's signboard in a building located in Gangnam, Seoul. Yonhap

An appeals court on Thursday ruled against U.S. private equity firm Lone Star Funds in its suit against the Korean and Seoul city governments to return a combined 168.2 billion won ($125.9 million) in taxes.

The Seoul High Court handed down the ruling against Lone Star after the Supreme Court returned the case to the appeals court for review in April last year.

The Texas-based firm had earlier filed the suit against the state and the municipality, seeking the return of withheld taxes in connection with profits from its investments in Korea.

Lone Star and affiliate firms purchased large shares of Korea Exchange Bank, Kukdong Engineering Construction and Starlease between 2002 and 2005, and made huge profits by selling some of the shares in 2007.

They paid smaller taxes than local companies would have, citing the tax treaty that Korea has with Belgium where the company that made the investment was based.

The National Tax Service (NTS) levied additional corporate taxes against Lone Star and its entities, offsetting them with withheld taxes.

Lone Star then filed a suit seeking cancellation of the corporate taxes and the Supreme Court ruled in favor of Lone Star in 2017, rejecting the NTS' argument the company had a fixed footing in Korea.

After tax authorities refunded the taxes, excluding the amount from the withheld taxes, Lone Star sued the government and the municipality, seeking 153 billion won and 15.2 billion won, respectively.

While a lower court and the Seoul High Court ruled in favor of Lone Star, the Supreme Court remanded the case, ruling the refund of the withheld taxes belongs to Korea Exchange Bank and other withholding agents, not Lone Star.

首尔高等法院周四驳回了孤星基金（Lone Star Funds）针对韩国政府和首尔市政府提起的1682亿韩元税款诉讼。此前，最高法院将此案发回重审，裁定预扣税款的退还应归韩国外汇银行和其他预扣税款代理机构所有，而非孤星基金。孤星基金此前向韩国政府索赔1530亿韩元，向首尔市政府索赔152亿韩元。

2002 年至 2005 年间，Lone Star 及其关联公司收购了韩国外销银行、国洞工程建设和 Starlease 的大量股份，然后在 2007 年出售了部分股份获利。

这些公司援引韩国-比利时税收协定，缴纳的税款比当地公司要少。

国家税务局对 Lone Star 及其关联实体征收了额外的企业所得税，并用预扣税款抵消了这些税款。

2017 年，最高法院在另一起案件中裁定 Lone Star 胜诉，该案旨在取消企业税，驳回了税务机关关于该公司在韩国有固定立足点的论点。

发布于2026年10月22日下午12:36（韩国标准时间）

更新于2026年10月22日下午1:21（韩国标准时间）

这张摄于2006年的资料照片显示了位于首尔江南区一栋建筑内的Lone Star啤酒厂的招牌。（韩联社）

周四，一家上诉法院驳回了美国私募股权公司 Lone Star Funds 针对韩国政府和首尔市政府提起的诉讼，该诉讼要求韩国政府和首尔市政府返还共计 1682 亿韩元（1.259 亿美元）的税款。

去年4月，最高法院将此案发回上诉法院重审后，首尔高等法院对孤星石油公司作出判决。

这家总部位于德克萨斯州的公司此前已对州政府和市政府提起诉讼，要求返还其在韩国投资所得利润中被扣缴的税款。

2002 年至 2005 年间，Lone Star 及其关联公司收购了韩国外汇银行、国洞工程建设和 Starlease 的大量股份，并在 2007 年通过出售部分股份获得了巨额利润。

他们缴纳的税款比当地公司要少，理由是韩国与比利时签订了税收协定，而进行投资的公司总部设在比利时。

国家税务局 (NTS) 对 Lone Star 及其关联实体征收了额外的企业所得税，并用预扣税款抵消了这些税款。

随后，Lone Star 提起诉讼，要求取消企业税。2017 年，最高法院裁定 Lone Star 胜诉，驳回了 NTS 关于该公司在韩国拥有固定立足点的论点。

税务机关退还税款后（不包括预扣税款），孤星公司起诉政府和市政府，分别索赔 1530 亿韩元和 152 亿韩元。

虽然下级法院和首尔高等法院都判 Lone Star 胜诉，但最高法院将案件发回重审，裁定退还预扣税款属于韩国外汇银行和其他预扣税代理人，而不是 Lone Star。