Government: "ISD Ruling Document to Be Disclosed in Consultation with Lone Star"

Minister of Justice Han Dong-hoon is giving a briefing on the ruling of the Lone Star international investment dispute (ISDS) case at the Ministry of Justice building in Gwacheon-si, Gyeonggi Province on the 31st of last month. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Choi Dae-yeol] The government has begun consultations to disclose the ruling document of the international investor-state dispute settlement (ISDS) case with Lone Star. Without the consent of the parties involved, external disclosure is not possible, but there is strong demand for disclosure mainly from civil society.

The Ministry of Justice stated on the 1st, "The government has a firm position to promptly disclose the ruling document to ensure the public's right to know." Lone Star filed an international arbitration with the International Centre for Settlement of Investment Disputes (ICSID) under the World Bank in November 2012, claiming that the Korean government unfairly intervened in the sale process of Korea Exchange Bank, causing damages of $4.6795 billion (approximately 6.1 trillion KRW). The three-member arbitral tribunal ruled the previous day that our government must pay $216.5 million (approximately 280 billion KRW).

According to the Ministry of Justice, the ruling document can only be disclosed externally if both parties agree, following the procedural order of the arbitral tribunal. Lone Star is reported not to have expressed a separate opinion regarding the disclosure of the ruling document. Civil society organizations are demanding the disclosure of the ruling document for fact-finding and punishment of those responsible.

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