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2 clusters · 19 sources · 3 days · First seen · Last updated
South Korea-China investment dispute resolution
Overview
The South Korean government secured a final victory in an international investment dispute against Chinese investor Fengzhen Min. The International Centre for Settlement of Investment Disputes (ICSID) Annulment Committee rejected Min’s application to annul a previous ruling, meaning the government is no longer liable for approximately 264.1 billion won in damages.
The dispute stemmed from a 380 billion won project financing loan secured through Pi Korea. Following the company's failure to repay the loan, collateralized shares were sold. Because Min had been convicted in 2017 for bribing bank officials to secure the loan, the original tribunal ruled the investment was part of an illegal scheme and ineligible for protection under the Korea-China investment treaty.
The committee also ordered Min to pay approximately 1.5 billion won in legal costs. The Ministry of Justice stated the decision “reaffirms the principle that investments involving illegal activities under domestic law are not protected under ISDS.”
Entities
South Korean government · Kaesong Inter-Korean Liaison Office · Kaesong · ICSID · Republic of Korea
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 15 SOURCES] The Seoul Central District Court ordered North Korea to pay 44,626,410,722 won in damages to the South Korean government. www.kyeonggi.com · www.sisajournal.com · www.sportalkorea.com · www.vol.at · www.hani.co.kr · +10 more
- [● 14 SOURCES] There are currently no practical means to compel North Korea to pay the damages, making the ruling largely symbolic. www.kyeonggi.com · www.sisajournal.com · www.sportalkorea.com · www.vol.at · www.hani.co.kr · +9 more
- [● 10 SOURCES] The Ministry of Unification filed the lawsuit in June 2023 to prevent the statute of limitations on the damage claim from expiring. www.kyeonggi.com · www.sisajournal.com · www.sportalkorea.com · www.hani.co.kr · www.mbn.co.kr · +5 more
- [● 6 SOURCES] The court used the public notice service method to proceed with the trial because it was impossible to deliver legal documents directly to North Korea. www.kyeonggi.com · www.sisajournal.com · www.sportalkorea.com · www.mbn.co.kr · www.chosunonline.com · +1 more
- [○ 1 SOURCE] The court ordered annual interest of 5 percent from June 16, 2020, until June 7, 2025, and 12 percent thereafter. www.koreaherald.com
Timeline
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[INTERNATIONAL] 16 sourcesSeoul court orders North Korea to pay damages for 2020 office demolition
A Seoul court has ordered North Korea to pay 44.6 billion won in damages to South Korea for the 2020 demolition of the inter-Korean liaison office in Kaesong, marking the first successful direct lawsuit by the.
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[BUSINESS] 6 sourcesSouth Korea wins final ruling in 264 billion won ISDS dispute with Chinese investor
South Korea has won a final ruling in an ISDS case against Chinese investor Fengzhen Min, avoiding 264.1 billion won in damages after a tribunal rejected an annulment request.
Sources
axadletimes.com · barbadosgazette.com · biz.heraldcorp.com · chosunonline.com · english.hani.co.kr · haitigazette.com · hani.co.kr · imaeil.com · koreaherald.com · kyeonggi.com · m.sportalkorea.com · mbn.co.kr · meinegemeinde.vol.at · newsday.com · seoul.co.kr · sisajournal.com · socialnews.xyz · stiripesurse.ro · trinidadtribune.com