{"id":8873,"date":"2024-09-13T15:03:54","date_gmt":"2024-09-13T08:03:54","guid":{"rendered":"https:\/\/thaipropertynews.com\/feeds\/?p=8873"},"modified":"2024-09-13T15:03:54","modified_gmt":"2024-09-13T08:03:54","slug":"elliott-criticizes-the-republic-of-koreas-decision-to-continue-to-challenge-the-us-100-million-arbitral-award-at-the-expense-of-its-citizens","status":"publish","type":"post","link":"https:\/\/thaipropertynews.com\/feeds\/?p=8873","title":{"rendered":"Elliott Criticizes the Republic of Korea’s Decision to Continue to Challenge the US $100 Million Arbitral Award at the Expense of Its Citizens"},"content":{"rendered":"

WEST PALM BEACH, Fla.<\/span>, Sept. 13, 2024<\/span> \/PRNewswire\/ — Elliott Investment Management L.P. (“Elliott”), today issued the following statement:<\/p>\n

On September 12, 2024<\/span>, the Republic of Korea (“ROK”) filed court papers to appeal the High Court of England<\/span> and Wales’s<\/span> (the “English Court”) dismissal of its application to set aside the US $100 million<\/span> Arbitral Award (“Award”). \u00a0\u00a0Elliott\u00a0will continue to vigorously defend the Award and its rights under the U.S.-Korea Free Trade Agreement (the “Treaty”).\u00a0<\/p>\n

The Award was issued against the ROK in June 2023<\/span> to compensate for the damages Elliott suffered when the ROK government corrupted the Korea National Pension Service’s decision-making process in relation to the controversial 2015 Samsung Merger.\u00a0 The arbitral panel found that the ROK’s intervention \u2013 which resulted in numerous criminal convictions of government and Samsung officials \u2013 violated the investor protection provided under the Treaty.\u00a0<\/p>\n

The ROK’s continued refusal to honor the Award is not surprising yet deeply wrong-headed, particularly given that the ROK has already attempted and failed to set aside the Award.\u00a0\u00a0The English Court dismissed the ROK’s application at the threshold without even hearing the merits, issuing a comprehensive judgment after the hearing that was held in London<\/span> in July 2024<\/span>.<\/p>\n

Elliott encourages\u00a0the ROK to reconsider its decision to\u00a0appeal\u00a0the English Court’s ruling.\u00a0 The ROK’s actions undermine its\u00a0efforts to build a reputation as a fair, transparent and trustworthy capital market, further perpetuating the “Korea Discount.” \u00a0\u00a0Additionally, the ROK’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\u00a0more than US $10,000<\/span> every day, along with the potential for further cost liability arising from the ROK’s appeal. \u00a0The ROK should stop trying to distract the Korean public from the government’s own corrupt conduct and mistakes. \u00a0Rather than further increasing the cost its citizens will ultimately have to bear, it should comply with the judgment and put this episode behind it.<\/p>\n

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\/<\/a>\u00a0<\/p>\n

About Elliott
Elliott Investment Management L.P. (together with its affiliates, “Elliott”) manages approximately $69.7 billion<\/span> of assets as of June 30, 2024<\/span>. \u00a0Founded in 1977, it is one of the oldest funds under continuous management. \u00a0The 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.<\/p>\n

Media Contacts:<\/p>\n

U.S.
Casey Friedman\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Elliott Investment Management L.P.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
T: +1 212 478\u00a01780\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
cfriedman@elliottmgmt.com<\/a><\/p>\n

London<\/span>
Alice Best<\/span>
Elliott Advisors (UK) Limited
T: +44 203 009 1715
abest@elliottadvisors.co.uk<\/a>\u00a0<\/p>\n

Seoul<\/span>
Jin Kim<\/span>
Nine Crosby
T: +82 2 866 9455
jinkim@ninecrosby.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

WEST PALM BEACH, Fla.<\/span>, Sept. 13, 2024<\/span> \/PRNewswire\/ — Elliott Investment Management L.P. (“Elliott”), today issued the following statement:<\/p>\n

On September 12, 2024<\/span>, the Republic of Korea (“ROK”) filed court papers to appeal the High Court of England<\/span> and Wales’s<\/span> (the “English Court”) dismissal of its application to set aside the US $100 million<\/span> Arbitral Award (“Award”). \u00a0\u00a0Elliott\u00a0will continue to vigorously defend the Award and its rights under the U.S.-Korea Free Trade Agreement (the “Treaty”).\u00a0<\/p>\n

The Award was issued against the ROK in June 2023<\/span> to compensate for the damages Elliott suffered when the ROK government corrupted the Korea National Pension Service’s decision-making process in relation to the controversial 2015 Samsung Merger.\u00a0 The arbitral panel found that the ROK’s intervention \u2013 which resulted in numerous criminal convictions of government and Samsung officials \u2013 violated the investor protection provided under the Treaty.\u00a0<\/p>\n

The ROK’s continued refusal to honor the Award is not surprising yet deeply wrong-headed, particularly given that the ROK has already attempted and failed to set aside the Award.\u00a0\u00a0The English Court dismissed the ROK’s application at the threshold without even hearing the merits, issuing a comprehensive judgment after the hearing that was held in London<\/span> in July 2024<\/span>.<\/p>\n

Elliott encourages\u00a0the ROK to reconsider its decision to\u00a0appeal\u00a0the English Court’s ruling.\u00a0 The ROK’s actions undermine its\u00a0efforts to build a reputation as a fair, transparent and trustworthy capital market, further perpetuating the “Korea Discount.” \u00a0\u00a0Additionally, the ROK’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\u00a0more than US $10,000<\/span> every day, along with the potential for further cost liability arising from the ROK’s appeal. \u00a0The ROK should stop trying to distract the Korean public from the government’s own corrupt conduct and mistakes. \u00a0Rather than further increasing the cost its citizens will ultimately have to bear, it should comply with the judgment and put this episode behind it.<\/p>\n

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\/<\/a>\u00a0<\/p>\n

About Elliott
Elliott Investment Management L.P. (together with its affiliates, “Elliott”) manages approximately $69.7 billion<\/span> of assets as of June 30, 2024<\/span>. \u00a0Founded in 1977, it is one of the oldest funds under continuous management. \u00a0The 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.<\/p>\n

Media Contacts:<\/p>\n

U.S.
Casey Friedman\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Elliott Investment Management L.P.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
T: +1 212 478\u00a01780\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
cfriedman@elliottmgmt.com<\/a><\/p>\n

London<\/span>
Alice Best<\/span>
Elliott Advisors (UK) Limited
T: +44 203 009 1715
abest@elliottadvisors.co.uk<\/a>\u00a0<\/p>\n

Seoul<\/span>
Jin Kim<\/span>
Nine Crosby
T: +82 2 866 9455
jinkim@ninecrosby.com<\/a><\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[5,7],"tags":[],"class_list":["post-8873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cision-pr-newswire","category-cision-pr-newswire-en"],"_links":{"self":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/8873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8873"}],"version-history":[{"count":0,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=\/wp\/v2\/posts\/8873\/revisions"}],"wp:attachment":[{"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thaipropertynews.com\/feeds\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}