Int'l tribunal dismisses Iranian investor's $566 mil. claim against Seoul
An international arbitration body has dismissed a 770 billion-won ($566 million) damages claim by an Iranian investor against Seoul in a case stemming from a failed takeover of a Korean company, the justice ministry said Wednesday. A panel under the Hague-based Permanent Court of Arbitration (PCA) ruled in favor of Korea in the case brought by six members of Iran's Dayyani family in 2021, seeking…
The Permanent Court of Arbitration (PCA) has dismissed a $566 million damages claim by an Iranian investor against Seoul, according to The Korea Times. The case, which originated in 2015, arose from a failed takeover of a Korean company by the Dayyani family, a major shareholder of Entekhab Industrial Group. The PCA's ruling in favor of Korea stipulates that the Dayyanis must pay about 4 billion won to Korea for legal expenses and around 800 million won in administrative fees.
The dispute stems from Seoul's state-run Korea Asset Management Corp. canceling a contract to sell a major stake in Daewoo Electronics to Entekhab in 2011.
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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