Tribunal Reverses Annulment of S. Korea's Arbitration Award to Elliott over 2015 Samsung Merger
[Politics] : A remand arbitration tribunal has reversed a U.K. court's annulment of South Korea's investor-state arbitration award to be paid to U.S.-based hedge fund Elliott Investment Management regarding the 2015 merger of Samsung C&T and Cheil Industries. The justice ministry said on Thursday that ... [more...]
The South Korean government has been mandated to compensate U.S. hedge fund Elliott Investment Management with nearly $50 million following a dispute over the 2015 merger of Samsung C&T Corp. and Cheil Industries Co., according to a decision issued by an international tribunal on Thursday. The tribunal, governed by the Permanent Court of Arbitration, ruled that the government's involvement in the approval of the merger directly caused Elliott to suffer financial losses.
In addition to the $48.49 million in damages, the tribunal ordered the payment of additional costs, including accrued interest, bringing the total amount owed to approximately $113 million. Elliott had initially sought $770 million in compensation for the losses it incurred as a result of the merger. The South Korean government acknowledged the ruling in a statement, welcoming the decision and highlighting the substantial amount awarded to Elliott.
Elliott had initiated legal proceedings against South Korea in 2018, seeking damages of $770 million for the adverse impact the merger had on its financial standing.
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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