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2 clusters · 8 sources · 22 days · First seen · Last updated

South Korean legal disputes with foreign investors

Overview

South Korea has faced significant legal challenges and rulings involving major foreign investment firms.

In a case involving the 2015 merger between Samsung C&T and Cheil Industries, an arbitral tribunal under the U.S.-Korea Free Trade Agreement ordered the Republic of Korea to pay approximately $113 million to Elliott Investment Management L.P. The tribunal found that the government breached treaty obligations by directing the National Pension Service to approve the merger, an intervention that caused substantial damages to Elliott as a minority shareholder.

In a separate matter, the Seoul High Court ruled in favor of the South Korean government regarding a tax refund claim by the U.S. private equity firm Lone Star. The court rejected Lone Star’s attempt to reclaim approximately 168.2 billion won in withheld taxes, concluding that the right to claim such refunds belongs to the withholding agents rather than the dividend recipients.

Entities

Lone Star · Seoul High Court · Elliott Investment Management L.P. · Republic of Korea · Cheil Industries

Timeline

  1. [BUSINESS] 3 sources
    South Korean government wins tax refund lawsuit against Lone Star

    South Korea's Seoul High Court ruled against Lone Star in a retrial, denying the private equity firm's claim for 168.2 billion won in tax refunds.

  2. [BUSINESS] 5 sources
    South Korea ordered to pay $113 million to Elliott over Samsung merger

    An arbitral tribunal reaffirmed that South Korea is liable to Elliott Investment Management for approximately $113 million following corrupt intervention in a 2015 Samsung merger.

Sources

bizrapidx.com · businessintelligence.mo · businessnewsthisweek.com · businessnewsweek.in · english.hani.co.kr · kyeonggi.com · m.imaeil.com · onlinemediacafe.com