Korea accepts int'l arbitration in favor of Elliott in Samsung merger case
Korea will accept an international arbitration ruling in favor of U.S. hedge fund Elliott Investment Management over the 2015 merger of two Samsung affiliates, the justice ministry said Wednesday. The ministry decided not to file a suit seeking a cancellation of last month's ruling, which ordered Korea to pay about 153 billion won ($114 million) in damages plus interest to Elliott. Elliott…
Korea has agreed to an international arbitration ruling that supports U.S. hedge fund Elliott Investment Management in a dispute over the 2015 merger of two Samsung subsidiaries, according to the justice ministry. The ministry opted not to pursue legal action against the 2023 ruling, which ordered the country to pay around 153 billion won ($114 million) in damages and interest to Elliott.
Elliott initially brought the case in 2018, seeking compensation for losses incurred due to the merger between Samsung C&T and Cheil Industries. The U.S. investor accused the Korean government of unfair mediation in the merger's approval process. An international tribunal ruled in favor of Elliott in 2023, but the Korean government appealed the decision to the High Court in London, where it was returned to the international tribunal for further review in March.
In a remanded ruling on September 30, the tribunal acknowledged a causal link between Seoul's intervention in approving the merger and Elliott's financial losses.
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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