Lehman shares fell another 3.6 percent before the bell on Wednesday in electronic trading ahead of the New York Stock Exchange open. Over the past three days, the stock has tumbled 18 percent, chopping nearly $4 billion of market value from the company.
According to the newspaper, options for Lehman in Korea include the state-run Korea Development Bank and Woori (nyse: WF - news - people ) Financial Group
Korean Investment Corp (KIC), a sovereign wealth fund that manages about $20 billion and is an investor in Merrill Lynch (nyse: MER - news - people ) & Cois unlikely to invest in Lehman, the newspaper said, citing a person familiar with the situation.
KIC declined to comment when contacted by Reuters, while Lehman officials in its Tokyo and Seoul offices were not available for comment.
Two major South Korean investment agencies — the National Pension Service and the Korea Asset Management Corp — told Reuters they were not aware of any possible capital injection in the Wall Street bank.
An executive of state-owned Korea Development Bank (KDB) also said he had not heard about an investment plan in Lehman. KDB will have the chief of Lehman Brothers‘ local operations, Euoo Sung Min, as its new CEO soon.
Woori Finance Holdingswhich runs the country’s No. 3 bank, denied any involvement in a Lehman fund raising. Min had been chief financial officer of Woori prior to his stint at Lehman.
Separately, Lehman said on Wednesday that the new head of its investment banking in South Korea, Sungwoo Park, would succeed Min. Park had led Credit Suisse’sSeoul branch.
Lehman ended Tuesday’s session with a market capitalization just shy of $17 billion, a little over a third of its peak value of more than $45 billion reached in February 2007.
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