NEW YORK, Dec. 29 /PRNewswire/ -- The South Korea Supreme Court has cleared the private equity firm Warburg Pincus, holding companies Acorn Investment and Pecan Investment and managing director Hwang Sung-Jin of all charges related to an investment in Korean credit card company LG Card Co. On November 27, 2008, the Supreme Court upheld an appellate court decision in favor of Mr. Hwang and Acorn and Pecan. Mr. Hwang and the two affiliates had been acquitted by the Seoul appellate court of insider trading charges in June 2008. The Supreme Court's not guilty ruling also provided for the return of a fine previously deposited by Acorn and Pecan.
"The Korean judicial system fully exonerated SJ Hwang and vindicated our long-held view that no wrongdoing had been committed," said Kelli Parsons, head of global communications, Warburg Pincus. "After a lengthy legal process, we are pleased that the matter is now concluded favorably for Mr. Hwang and our firm."
Mr. Hwang is currently a managing director in the Hong Kong office of Warburg Pincus.
About Warburg Pincus
Warburg Pincus has been a leading private equity investor since 1971. The firm currently has more than $35 billion of assets under management. Warburg Pincus has an active portfolio of more than 125 portfolio companies, and has offices in Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, San Francisco, Shanghai and Tokyo. For more information, please visit www.warburgpincus.com.
Vice President, Global Marketing & Communications
Warburg Pincus LLC
Kekst and Company
SOURCE Warburg Pincus