Korea files appeal against damage ruling in Elliott case

Justice Minister Han Dong-hoon announces the government's decision to submit an appeal in the Elliott case that required it to pay up to $108.5 million. [NEWS1]

 
The Korean government has filed an appeal against the ruling issued by an international tribunal that required it to pay up to $108.5 million to U.S. hedge fund Elliott.  
 
The Ministry of Justice said that the ruling goes against the FTA signed between Korea and the United States.  
 
The Korean government was ordered to pay up to $108.5 million to the hedge fund as the Permanent Court of Arbitration partially accepted Elliott's $770 million damage claim that a 2015 merger of Samsung C&T and Cheil Industries incurred a substantial loss.
 
The dispute centers around a 2015 merger deal between two Samsung affiliates — Samsung C&T and Cheil Industries — that Elliott opposed, claiming the deal greatly undervalues Samsung C&T shareholders' interest.
 

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]