Elliott: "Ministry of Justice Cancellation Lawsuit Sends Message That Korea Is Tolerant of Corruption"

US-based hedge fund Elliott Management criticized the South Korean government's filing of a cancellation lawsuit against the international investment dispute (ISDS) ruling, stating that it "sends a false message that the Republic of Korea is a country tolerant of corruption."

Minister of Justice Han Dong-hoon is announcing follow-up measures related to the Elliott International Investment Dispute Settlement (ISDS) case ruling at the Government Seoul Office Annex on the 18th.
[Image source=Yonhap News]

On the 19th, Elliott stated in a press release, "The arbitral tribunal unanimously dismissed all of South Korea's claims on all substantive issues after a lengthy five-year litigation process."

Elliott argued, "The appeal goes against South Korea's goal of appearing as a fair and responsible market to foreign investors," adding, "It is an attempt to divert attention from the fact that Samsung and the previous government colluded to use domestic and foreign shareholders as puppets for the benefit of a small group of powerful individuals, causing harm."

They further stated, "The illegal acts were investigated by members of the current government and proven in domestic courts," and "The compensation awarded to Elliott was recognized by applying established international law to the facts that the South Korean judiciary acknowledged beyond reasonable doubt."

Elliott said, "South Korea appears to be repeating arguments already presented during the arbitration process, which the arbitral tribunal has already reviewed and dismissed," and "The legal proceedings initiated by South Korea will ultimately end in vain."

They also added, "Continuing to pursue baseless legal procedures will only result in wasting taxpayers' money," and "We plan to strongly refute the claims made by South Korea after reviewing them."

The day before, the Ministry of Justice filed a lawsuit in a UK court, the arbitration venue, to cancel the ISDS ruling that ordered payment of approximately 138.9 billion KRW to Elliott.

This content was produced with the assistance of AI translation services.