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South Korea has been ordered to pay Elliott Investment Management approximately $48.49 million in damages, plus interest, following an arbitration tribunal ruling that the government's involvement in the 2015 merger between Samsung C&T and Cheil Industries contributed to the fund's losses, according to Seoul's Justice Ministry. The London-based arbitral tribunal upheld the original June 2023 award, and Elliott welcomed the ruling.

The total relief, including additional costs from remand proceedings, could reach around $113 million, comprising damages, interest, legal fees, and costs. The 2015 merger aimed to solidify Jay Y. Lee's control over Samsung Group following his father's incapacitation, but Elliott, a minority shareholder, opposed the deal, alleging it was unfavorable.

The tribunal ruled that, without the government's intervention, the National Pension Service (NPS) would have voted against the merger, preventing the losses suffered by Elliott and other Korean stakeholders. Elliott emphasized that the NPS's coerced vote allowed the impoverishment of Korean citizens for the benefit of the Lee family, urging South Korea to comply with the award, as interest continues to accrue daily.