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...]
South Korea has been ordered by an international tribunal to pay nearly $50 million to U.S. hedge fund Elliott Investment Management over a dispute related to the 2015 merger of two Samsung affiliates. The South Korean government was directed to pay $48.49 million in damages to Elliott due to the merger controversy, according to the justice ministry.
The tribunal acknowledged a causal link between Seoul's involvement in approving the merger of Samsung C&T Corp. and Cheil Industries Co. and the financial losses suffered by Elliott. This decision follows a similar ruling from 2023, where Seoul was also ordered to pay the same amount in damages. Elliott, who filed the case in 2018 seeking compensation of $770 million, expressed satisfaction with the verdict, noting that the tribunal awarded about $113 million in total, including damages, interest, and other costs.
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.
This story
This is one outlet's version. Read the fullest account.
