Elliott Issues Statement Regarding Successful Outcome of Republic of Korea Arbitration Case
Elliott Awarded Approximately US $108.5 Million
Victory for Elliott Shows Harm Done to Investors by Corrupt Relationships between Government Officials, Chaebol
Precedent-Setting Decision Should Help Future Investors in Korea
WEST PALM BEACH, Fla., June 20, 2023 /PRNewswire/ — Elliott Investment Management L.P. (“Elliott”), today issued the following statement regarding the outcome of its arbitration case against the Republic of Korea regarding Elliott’s investment in Samsung C&T:
We believe that the Tribunal’s decision is solidly supported by the facts of this case – facts that have been proven and acknowledged widely over the past few years, including by the Republic of Korea’s own courts and prosecutors.
To our knowledge, this is the first Investor-State Dispute case in Asia in which an investment firm engaged in shareholder activism has prevailed against a sovereign based on criminal corruption emanating from the head of state. Elliott was awarded approximately US $108.5 million, representing its damages, interest, and legal fees and costs. We are reviewing the award closely.
The decision shows the harm done to investors (both foreign investors and domestic Korean pension holders) by corrupt relationships between government officials and chaebol – the same kind of corrupt relationships that the current President and Minister of Justice have established in cases they have led in their careers as prosecutors. We hope the Republic will follow the directions of the Tribunal and pay the ultimate award rather than pursue baseless legal proceedings to challenge the Tribunal’s decision, incurring further legal costs and interest at the public’s expense.
We hope that the finding of clear liability on the part of the Republic under a previous administration will serve as an important event in the current administration’s efforts to fight corruption. In addition, we hope that, as a result, Korea will become a more transparent and reliable destination for foreign investments.
More information regarding this matter can be found on the website of the Permanent Court of Arbitration by following the link below:
https://pca-cpa.org/en/cases/197/
About Elliott
Elliott Investment Management L.P. manages approximately $55.2 billion of assets as of December 31, 2022. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
Media Contact:
U.S.
Stephen Spruiell
Elliott Investment Management L.P.
T: +1 212 478 2017
sspruiell@elliottmgmt.com
London
Alice Best
Elliott Advisors (UK) Limited
T: +44 203 009 1715
abest@elliottadvisors.co.uk
Seoul
Jin Kim
Nine Crosby
T: +82 (2) 866 9455
jinkim@ninecrosby.com
Logo – https://mma.prnewswire.com/media/1179754/Elliot_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/elliott-issues-statement-regarding-successful-outcome-of-republic-of-korea-arbitration-case-301855918.html
