Arbitral Tribunal Reaffirms Korea's Liability to Elliott in 2015 Samsung Merger, Award Now About US $113 Million

PR Newswire··KRUSGB·Read original
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Summary · why it matters

An arbitral tribunal under the U.S.-Korea Free Trade Agreement issued a supplemental award reaffirming that the Republic of Korea's corrupt manipulation of a shareholder vote to approve the 2015 Samsung merger breached the Treaty and caused Elliott's losses. The Tribunal reinstated the relief previously awarded to Elliott in June 2023 and added the costs of the unnecessary proceedings caused by the ROK, bringing the total to approximately US $113 million in damages, interest, and legal fees and costs, an increase of US $18.9 million including the ROK's own legal costs. The original June 2023 award found that the ROK breached the Treaty when its Presidential Blue House and the Ministry of Health and Welfare directed the National Pension Service's decision to approve the 2015 merger of Samsung C&T and Cheil Industries, causing Elliott substantial damages as a minority shareholder of Samsung C&T. After the ROK challenged the Award in the English Court on a purely technical jurisdictional basis, the English Court remitted the case to the Tribunal, which found that but for the ROK's unlawful intervention the NPS would have voted against the merger regardless of the NPS's legal status. Elliott said interest has been accruing for more than 11 years since the breach and will continue at a rate of more than US $10,000 every day, and it hopes the ROK will finally honor the Award.

Impact on assets 2

Artificial Intelligence▲ · 2 stocks
Samsung C&T Corp
028260
± MixedRegulationrelevance

Samsung C&T's 2015 merger is the backdrop; the tribunal found Korea unlawfully intervened in the NPS vote, but no new impact on Samsung C&T today.

Off-coverage companies 1

Elliott Investment Management L.P.Private▲ Positive
Regulationrelevance

Arbitral tribunal reaffirmed Korea's liability and reinstated/expanded Elliott's award to about US $113 million plus accruing interest.

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