Lone Star Wins Lawsuit Against Government and Seoul City for Unjust Enrichment... Court Orders Return of 168.2 Billion Won
Corporations related to the U.S.-based private equity fund Lone Star have effectively won a lawsuit filed against the government and Seoul Metropolitan Government demanding the return of 170 billion KRW in taxes canceled by a Supreme Court ruling.
On the 30th, the 17th Civil Division of the Seoul Central District Court (Presiding Judge Lee Seung-won) ruled partially in favor of the plaintiffs in a lawsuit filed by nine Lone Star fund-related corporations against the Republic of Korea government and Seoul Metropolitan Government, seeking the return of unjust enrichment. The court recognized the obligation to return the full principal amount of the unpaid tax refund claimed by the plaintiffs along with the additional refund interest.
The lawsuit they filed against Gangnam-gu, Seoul was dismissed in favor of the defendant.
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The court determined that the government must pay 153 billion KRW and the Seoul Metropolitan Government must pay 15.2 billion KRW to Lone Star, respectively. However, in calculating the delayed damages, the court applied the civil law delay interest rate of 5% per annum instead of the 12% annual rate stipulated by the Act on Promotion of Litigation until the date of the judgment.
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