S. Korea ordered to pay nearly US$50 mln to Elliott over Samsung merger case

Seoul has been mandated to pay roughly $50 million in compensation to U.S. hedge fund Elliott Investment Management following a dispute over the 2015 merger of Samsung C&T Corp. and Cheil Industries Co., according to a ruling by an international tribunal on Thursday. The tribunal attributed the causal relationship between Seoul's approval of the merger and Elliott's financial losses, awarding the fund $48.49 million in damages.

This decision follows an earlier ruling in 2023, which also ordered Seoul to pay the same amount. Elliott, which held a minority stake in Samsung C&T Corp., filed the lawsuit in 2018, demanding $770 million in compensation for losses incurred due to the perceived unfair mediation by the South Korean government. The case was subsequently heard at the High Court in London, which ruled in favor of Seoul and sent the case back for review in February.

In a statement, Elliott lauded the tribunal's decision, highlighting the substantial award of approximately $113 million, including damages, interest, and other costs.