2023-12-16 07:30:49
The execution of the International Investment Dispute Resolution Center’s ruling ordering Lone Star, an American private equity fund that claimed to have suffered losses due to the South Korean government’s unfair intervention in the sale of Korea Exchange Bank, to compensate 2800 billion won was suspended indefinitely.
Regarding the application for cancellation of the decision filed by both the Korean government and Lone Star, the Ministry of Justice announced that the International Investment Dispute Resolution Center Cancellation Committee accepted the Korean government’s argument and decided to unconditionally suspend execution of the ISDS decision until the cancellation process is completed. .
The Ministry of Justice explained, “Accordingly, Lone Star cannot seek enforcement of the previous compensation award until the ongoing judgment cancellation process is completed, and in the future, both the government and Lone Star will conduct written arguments and oral hearings in the cancellation process.”
Previously, Lone Star claimed that the Korean government unfairly intervened in the sale process of Korea Exchange Bank in 2012, resulting in a loss of approximately 6.1 trillion won, and the International Investment Dispute Resolution Center reported in August last year that the Korean government owed Lone Star approximately 280 billion won. It was decided that compensation should be won.
The government objected to the compensation decision and filed a request for cancellation and suspension of execution, and Lone Star also applied for cancellation of the decision, claiming that the compensation amount was too small compared to the amount claimed.
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