S. Korea Accepts Defeat in Elliott Case after 8 Years
[Economy] : The government has decided to accept an adverse ruling in its international investor-state dispute with U.S. private equity firm Elliott Investment Management regarding the 2015 merger of Samsung C&T and Cheil Industries, acknowledging liability for compensation totaling around 153 billion won, or 114 ... [more...]
Korea has agreed to abide by an international arbitration decision that favors U.S. hedge fund Elliott Investment Management in the 2015 merger of two Samsung subsidiaries. The Ministry of Justice announced the decision on Wednesday, declining to pursue an appeal against the ruling that ordered Korea to pay around 153 billion won ($114 million) in damages and interest to Elliott.
Elliott initially brought the case in 2018, claiming unfair mediation by the Korean government in the merger of Samsung C&T and Cheil Industries. The U.S. investment firm argued that Seoul's involvement in the merger approval process caused financial losses. An international tribunal ruled in favor of Elliott in 2023, but the Korean government appealed the case to the High Court in London.
The case was ultimately returned to the international tribunal for further review in March. On September 30, the tribunal acknowledged a causal link between Seoul's intervention in the merger approval process and Elliott's financial losses, confirming the ruling from September.
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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