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…
An international arbitration panel ruled in favor of South Korea in a $196 million investor-state dispute against a Chinese investor, the Korean justice ministry announced on Sunday. The investment dispute, valued at 264.1 billion won, was dismissed by the ICSID ad hoc committee, with no parts of the Chinese investor's annulment application upheld.
The decision emphasized that investments made in breach of domestic legislation are not protected under the investor-state dispute settlement system, according to the ministry. The dispute arose from loans obtained by the Chinese investor, Fengzhen Min, from a Korean bank to acquire and develop an office building in Beijing. In 2007, Min established Pi Korea in South Korea, raising 380 billion won through project financing loans guaranteed and arranged by a local entity.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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