South Korea appeals ruling in favor of Elliott Management in Samsung merger case
By Connor Hart
South Korea will again appeal a ruling requiring it to pay U.S. hedge-fund manager Elliott Management about $108.5 million in a dispute stemming from the merger of two Samsung units in 2015.
South Korea's government on Thursday filed court papers to appeal a decision by the High Court of England and Wales. The court last month rejected South Korea's challenge that the Permanent Court of Arbitration didn't have jurisdiction to make the ruling under a free trade agreement with the U.S.
In June 2023, the Netherlands-based court ordered South Korea's government to pay Elliott for damages, interest and legal fees it suffered in relation to the Samsung (KR:005930) merger. The ruling came after regulators found that South Korea's intervention in the deal violated investor protections provided under the U.S.-Korea Free Trade Agreement.
Elliott said on Thursday it would vigorously defend its award and rights under the free trade agreement.
"The (Republic of Korea's) ongoing refusal to honor the Award is only increasing the burden on Korean taxpayers, as interest on the Award continues to accrue at a rate of more than US $10,000 every day, along with the potential for further cost liability arising from the ROK's appeal," Elliott said. "Rather than further increasing the cost its citizens will ultimately have to bear, it should comply with the judgment and put this episode behind it."
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09-12-24 1924ET
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