South Korea wins UK appeal over arbitration ruling in Samsung merger case
The South Korean government was ordered to pay Elliott around $100 million by the Netherlands-based Permanent Court of Arbitration in 2023.
Elliott had sued over the role played by South Korea's National Pension Service in approving the $8 billion merger between Samsung C&T, in which Elliott was a minority stakeholder, and Cheil Industries.
South Korea sought to challenge the tribunal's decision at London's High Court, arguing the tribunal did not have jurisdiction under a free trade agreement with the U.S., but its case was rejected last year.
The Court of Appeal, however, allowed South Korea's appeal and sent the case back to the High Court, to decide the challenge to the arbitration tribunal's jurisdiction.
Its ruling came hours after Lee was ultimately cleared of accounting fraud and stock manipulation over the 2015 merger between Samsung C&T and Cheil Industries.
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