That's because several cases, including HI Mart, Coway, Tongyang Magic, Tongyang Pile, and ING Life, in which Goldman Sachs took the principal underwriter role have become mired in troubles. For example, ING Life cancelled negotiations with KB Financial Group after lengthy talks for the whole year in 2012. A month-long discussion with Vogo Fund went in vain too.

 

The preferred negotiating partner for Tongyang Magic was suddenly changed last month to the KTB consortium from Kyowon Group. The reason the pile business division of Tongyang Group was sold to a Tongyang Group affiliate instead of Vogo Fund, the long-time negotiating partner, was also largely because of Goldman Sachs. As for the deal to sell off Coway, the No. 1 water purifier maker, it went through change of the negotiating partner for four times from GS Retail to Konka Group, KTB Private Equity, and to MBK Partners. Woongjin Holdings, the owner of Coway, had to file for court receivership after missing out on timing to sell.