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ISDS ruling-US hedge fund
Int'l tribune to rule on Elliott's ISDS suit against S. Korea Tuesday night
SEOUL, June 20 (Yonhap) -- An international tribunal is set to rule on an investor-state dispute worth US$770 million filed by U.S.-based hedge fund Elliott Management against the South Korean government Tuesday night, the Ministry of Justice said.
The ministry said it was notified by the Permanent Court of Arbitration in the Netherlands on June 12 of a plan to rule on the investor-state dispute settlement (ISDS) case involving Elliott at 8 p.m. Tuesday (Seoul time).
In 2018, Elliott Management launched the ISDS lawsuit against South Korea to claim compensation of $770 million over losses from the 2015 merger of two units of Samsung Group -- Samsung C&T Corp. and Cheil Industries Inc.
Elliott claimed it suffered the losses due to "unfair" mediation by the Korean government in the process of approving the merger between Samsung C&T and Cheil Industries.
Elliott, which held a 7 percent stake in Samsung C&T, led a proxy fight against the firm's merger with Cheil Industries, citing unfair terms that it said greatly undervalued the company and investors' interest. But the controversial merger went ahead, backed by the state-run National Pension Service's swing vote in Samsung's favor.
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