€3bn for KEB stake
Published 05/12/2010 | 05:00
John Grayken (above), the Texan-based Irish passport-holder, has trebled his money by selling a stake in South Korean bank KEB for more than €3bn.
Mr Grayken's Lone Star investment group paid about €1bn for a 51 per cent stake in the bank in 2003. Last week it emerged that rival bank Hana Financial had agreed to buy the stake for about €3bn.
The sale of the bank stake was complicated by a lengthy official investigation, which followed the initial sale of KEB to Lone Star.
Mr Grayken is understood to have received an Irish passport in the last decade. His associate Ellis Short got an Irish passport last year. Mr Short is better known as the owner and chairman of Sunderland FC.