S. Korea prevails in 264.1 bln-won investor-state dispute against Chinese investor
SEOUL, Sept. 13 (Yonhap) -- An ad hoc committee of the International Center for ...
The International Center for Settlement of Investment Disputes (ICSID) has ruled in favor of South Korea in a 264.1 billion won investor-state dispute against a Chinese investor, Fengzhen Min. The ad hoc committee dismissed Min's application to overturn an earlier award in its entirety, ordering him to pay the South Korean government about 1.51 billion won in costs for the annulment proceedings, plus interest.
The dispute was rooted in loans Min received from a South Korean bank while establishing Pi Korea in South Korea, which ultimately failed to repay the loans. The court decision reaffirms the principle that investments made in violation of domestic law are not entitled to protection under the investor-state dispute settlement (ISDS) system.
President Lee Jae Myung commented on the victory, stating that the government will respond resolutely to any unfair complaints in the future.
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