All investors are created equal ...

... but some are being treated far more equally than others.

Welcome to Corporate Governance 101. Day 1.Class 1. The first lesson is Treat all shareholders the same. No exceptions, no divisions, no classifications, no omissions.

This elementary lesson seems to have been forgotten in recent deals to have come out of Asia. In many recent equity and equity linked deals, companies have been structuring their transactions so that different classes of shareholder receive different treatment.

In Korea, the division between local and foreign shareholders is keenly felt. Recently there...

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