Korea prevails in $196 mil. investor-state dispute against Chinese investor
An ad hoc committee of the International Center for Settlement of Investment Disputes (ICSID) rejected a Chinese investor's bid to overturn an earlier award in favor of the Korean government in an investor-state dispute worth 264.1 billion won ($196 million), the justice ministry said Sunday. The ICSID ad hoc committee dismissed Chinese investor Fengzhen Min's annulment application in its…
The International Center for Settlement of Investment Disputes (ICSID) has ruled in favor of the Korean government in an investor-state dispute with a Chinese investor, rejecting the latter's bid to overturn a previous award worth 264.1 billion won ($196 million). The ad hoc committee dismissed Fengzhen Min's annulment application, ordering the Chinese investor to pay about 1.51 billion won in costs for the proceedings, plus interest.
The decision emphasizes that investments made in violation of domestic law are not entitled to protection under the ISDS system. The dispute arose from loans Min received from a Korean bank for the acquisition and development of an office building in Beijing, leading to the establishment of Pi Korea in Korea and raising 380 billion won through project financing loans.
Brief written by urgent.news from The Korea Times's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
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