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…
An international arbitration panel, under the Hague-based Permanent Court of Arbitration, has ruled against an Iranian investor's $566 million claim against Seoul. The case stemmed from a failed takeover of a Korean company by the Dayyani family in 2011. The panel sided with Korea in 2021, ordering the Dayyanis to pay around 4 billion won to cover legal expenses and approximately 800 million won in administrative fees.
The dispute dates back to 2015 when the Dayyanis, who held a significant stake in Entekhab Industrial Group, filed an arbitration claim after Korea's state-run Korea Asset Management Corp. withdrew a contract to sell a major stake in Daewoo Electronics to Entekhab. In a previous 2018 arbitration, Seoul had been ordered to pay 73 billion won and interest to the Dayyanis as compensation for the failed takeover.
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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