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Lee & Ko successfully represented a prominent Korean entertainment company in an international arbitration administered by the Shanghai International Arbitration Center (“SHIAC”) against a Chinese software company, securing a full award in favor of the client. The dispute arose from a licensing agreement under which the Korean entertainment company granted the Chinese firm the right to develop games utilizing the intellectual property of its affiliated artists. The case involved complex factual and legal contentions, centered primarily on the attribution of liability for significant development delays and the fulfillment of contractual conditions for termination.

As the governing law of the contract was Chinese law, the case demanded a meticulous and nuanced analysis of the local legal framework and contract law principles. Furthermore, because both the seat of arbitration and the arbitral institution were located in China, the proceedings required extensive experience and strategic expertise in navigating the specific procedural nuances of Chinese international arbitration.

Leveraging its deep track record of handling high-stakes disputes in China, Lee & Ko’s International Arbitration Team acted as sole counsel throughout the proceedings. The team successfully led all written submissions and hearing proceedings against local Chinese counsel, ultimately securing a "complete victory" for the client. This outcome underscores Lee & Ko’s dominant capability in China-related disputes and its proven ability to deliver favorable results in challenging foreign jurisdictions.

Lee & Ko represented SK Multi Utility Co., Ltd. (a power generation subsidiary of SK Chemicals), together with its Chief Executive Officer and Plant Manager, in a criminal prosecution alleging violations of the Serious Accidents Punishment Act (“SAPA”) and the Occupational Safety and Health Act (“OSHA”) arising from a fatal accident at a coal unloading facility involving an employee of a contractor. Following a full acquittal at first instance, Lee & Ko secured dismissal of the prosecution’s appeal, and the appellate court affirmed the acquittal in full.

On December 20, 2022, at a coal unloading facility of Company A, a dump truck loaded with coal overturned during the unloading process when the driver, employed by a transportation company, raised the truck bed without opening the rear gate. A contractor employee who was present at the site was crushed by the coal and the vehicle and died.

The appellate court held that a causal link could not be established between the fatal accident and the alleged breaches, including an alleged failure to protect workers from falling-object hazards and an alleged failure to establish an adequate safety and health management system under SAPA. The court further reasoned that, where the accident was clearly attributable to the driver’s operational error, imposing criminal liability on management solely by reason of the occurrence of the harmful result would be unwarranted, underscoring that SAPA does not impose strict result-based liability.

In circumstances where there were no settled judicial principles on causation under SAPA, Lee & Ko conducted a detailed analysis of the accident mechanism and surrounding facts, and presented a reasoned case that criminal liability requires proof of causation between any breach of statutory safety and health obligations and the fatal outcome.

This judgment is expected to serve as an important reference point in assessing causation in ongoing SAPA prosecutions and in future cases arising from fatal industrial accidents.

On June 13, 2025, LG Chem entered into a Business Transfer Agreement to sell its Water Solutions business to Korea Water Solution Holdings, a subsidiary of Glenwood Private Equity, with the rights and obligations of the business subsequently transferred to NanoH2O, Inc. As legal counsel to LG Chem, Lee & Ko successfully provided comprehensive legal services throughout the entire process leading to the successful closing of the transaction.

This carve-out transaction involved significant complexities, as the seller was required not only to divide and transfer part of the site it currently occupies but also to transfer contracts, workforce, licenses, assets, rights, and obligations on a detailed, item-by-item basis. Additionally, to ensure a smooth transition, both parties had to agree on various operational matters, such as joint use of facilities, utility supply, and transition support.

Throughout the process, Lee & Ko provided swift and effective legal counsel on issues ranging from the division and sale of the factory site, the review of regulatory requirements for business and environmental permits, to negotiating and executing ancillary agreements essential for the seamless execution of the business transfer. The firm’s prompt and strategic advice played a critical role in the successful completion of the transaction.
 

Lee & Ko advised on an absorption-type merger transaction in which SK On was the surviving company and SK Enmove was the dissolving company.

The transaction attracted significant market attention because (i) it was carried out as part of a structural reorganization within the SK Group, one of the largest conglomerates in Korea, (ii) the combined net asset value of the merging entities amounted to approximately KRW 18 trillion, making it one of the largest M&A transactions in Korea this year in terms of scale, and (iii) each of the merging entities had financial investor (FI) shareholders, and the merger was linked to those FI shareholders’ exit.

In particular, through this transaction, SK On seeks to generate synergies in areas such as batteries and lubricants for electric vehicles by merging with SK Enmove, a company engaged in the production and sale of base oil and lubricants. The merger has also laid the groundwork for the continued growth of SK On’s battery business. As a result, SK On is regarded as having significantly strengthened its capabilities to lead Korea’s energy and materials industries.

Lee & Ko provided comprehensive legal advice to the merging companies and their largest shareholder, SK Innovation, including scheduling the transaction timeline, drafting the merger agreement, negotiating with FI shareholders and preparing related agreements, filing merger control notifications, and advising on other procedures and legal issues relating to the transaction. By appropriately analyzing the various legal issues involved and proposing effective solutions, the firm is regarded as having successfully advised on the transaction.
 

Lee & Ko successfully secured a full acquittal for Kakao Corp. and related entities in a criminal prosecution alleging violations of the Financial Investment Services and Capital Markets Act (the “Capital Markets Act”) in connection with the SM market manipulation case.

The prosecution arose from events in February 2023, when HYBE announced a tender offer for shares of SM Entertainment Co., Ltd. (“SM”). Prosecutors alleged that Kakao Corp. and Kakao Entertainment Corp., in concert with One Asia Partners, engaged in on-exchange purchases of SM shares during the tender offer period, and that such conduct constituted market manipulation under Article 176(3) of the Capital Markets Act, specifically, a “series of transactions conducted for the purpose of fixing or stabilizing market prices.”

This case was unprecedented in that on-exchange share purchases during an ongoing tender offer period were prosecuted as market manipulation. A conviction could have created a substantial risk that similar on-exchange purchases during tender offer periods would be subject to criminal liability in the future. Accordingly, the case attracted significant attention not only within the capital markets industry, but also across the broader business and financial communities.

Lee & Ko represented Kakao Corp. and its related entities from the early stages of the investigation and throughout the trial, and effectively challenged the prosecution’s theory. The court accepted Lee & Ko’s arguments and expressly held that the on-exchange purchases were not undertaken for the purpose of fixing or stabilizing market prices, but rather constituted legitimate business decisions made to secure an equity interest.

This acquittal represents a significant judicial determination regarding the scope of permissible corporate actions in the context of corporate control disputes. In particular, the ruling is expected to serve as an important precedent in clarifying whether on-exchange purchases during a tender offer period may give rise to criminal liability. The judgment is also notable as a clear affirmation by a criminal court of the legitimacy of corporate managerial decision-making in such circumstances.

CJ CheilJedang Corporation and its subsidiaries entered into an agreement on October 1, 2025 to sell their shares in a total of 14 companies engaging in the feed and care business to De Heus Animal Nutrition B.V., a global animal feed company, and its affiliates.

The Transaction is a large-scale cross-border M&A deal involving the sale by multiple Sellers of shares in a total of 14 companies established in Korea and overseas to multiple Purchasers. Given the need for an extensive understanding of the legal systems across various jurisdictions from the transaction structure review stage, coupled with the involvement of a listed company as one of the Sellers, which required highly intensive negotiations within a short period of time to ensure confidentiality, the Transaction was complex and highly challenging.

Lee & Ko provided comprehensive and efficient legal advice on the entire Transaction by directly handling the review of Korean and Vietnamese legal issues throughout all stages of the deal, including transaction structure review, legal due diligence, and contract drafting, negotiation, and execution, and by serving as a command center overseeing and coordinating local counsels in Hong Kong, Indonesia, the Philippines, and Cambodia. Through such professional and systematic advisory work, Lee & Ko played a key role in successfully addressing the complex transaction structure and multinational legal issues, thereby contributing decisively to the smooth signing of the agreement.
 

Lee & Ko’s Litigation Practice provides strategic representation in a wide range of corporate control disputes. In September 2025, Lee & Ko represented the Vice Chairman (the son of the Group Chairman) in key injunction and related proceedings arising from a corporate control dispute within the Kolmar Group, which is engaged in cosmetics manufacturing and related businesses. Lee & Ko obtained favorable outcomes in major interim relief proceedings, including injunction applications seeking to prohibit alleged unlawful conduct.

The dispute arose after the Chairman commenced an action seeking rescission of a share gift agreement under which he had previously transferred shares of Kolmar Holdings Co., Ltd., the group’s holding company, to the Vice Chairman, alleging breach of a family agreement, and seeking the return of the gifted shares. Related applications were also filed for (i) an injunction prohibiting the disposition of the shares, (ii) an injunction restraining the exercise of voting rights and related acts, and (iii) court approval to convene an extraordinary general meeting of shareholders.

Lee & Ko first secured favorable rulings in various injunction and related applications concerning the extraordinary general meeting of shareholders of Kolmar BNH Co., Ltd., enabling the meeting to proceed as scheduled. As a result, the Vice Chairman’s side obtained a majority on the board of directors of Kolmar BNH Co., Ltd.

Lee & Ko also challenged the injunction prohibiting disposition of the shares that are the subject of the main return-of-shares action, and obtained a revised court order requiring an additional cash security deposit of KRW 5 billion, in addition to the previously required surety bond.

As a result, the related interim disputes have largely been resolved in practice, and the main action for return of shares between the Chairman and the Vice Chairman remains pending.

Lee & Ko successfully advised Air Liquide group, one of the world’s largest industrial gas suppliers, on its acquisition of DIG Airgas. This transaction, valued at approximately KRW 4.6 trillion, represents one of the largest deals announced in Korea in 2025. Far beyond a simple large-scale acquisition, the transaction encompassed a wide range of complex legal and structural issues, including analysis and review of the transaction structure and acquisition financing structures from the initial stages of the transaction, repayment mechanisms for existing shareholder loans and acquisition facilities, assessment of post-merger integration (PMI) matters, analysis and advising on commercial agreements and withholding tax issues on capital gains realized by foreign sellers. Lee & Ko further provided comprehensive legal services throughout the entire process of the transaction, including legal due diligence on DIG Airgas and its Chinese subsidiaries, review and negotiation of the definitive agreements, business combination report filing with the Korea Fair Trade Commission and other required regulatory approvals including recently enacted and precedent-setting filing required by the Korean government, as well deep involvement with the W&I insurance underwriting process. Notably, the deal is highly regarded for having reached a definitive agreement within approximately two weeks following the final bidding process and approximately within a week from the initiation of intensive negotiations, in which Lee & Ko’s proactive role and contributions were instrumental. This deal stands as one of the representative examples of Lee & Ko’s global M&A expertise, successful negotiations with a global infra fund leveraging Lee & Ko’s significant expertise in advising on global GP-led transactions, undisputed leading experience with industrial gas transactions, unwavering client dedication, and proven execution capability in bringing highly complex transactions to completion within an accelerated timeframe.

Lee & Ko has been advising on production-related contracts and intellectual property clearance—covering copyright law, the Unfair Competition Prevention Act, and publicity rights—for Netflix series since 2022, contributing to the smooth production and distribution of major works. Representative projects include Squid Game Seasons 2 and 3, Culinary Class Wars, The Trauma Code: Heroes on Call, Karma, and Gyeongseong Creature Seasons 1 and 2.

Lee & Ko reviews a wide range of agreements essential to the production process, including talent and crew contracts, post-production agreements such as VFX, location leases, copyright use consents, and overseas PSAs for foreign shoots. Drawing on extensive experience, Lee & Ko provides practical, production-focused legal advice tailored to the needs of clients.

Lee & Ko’s clearance reviews primarily address issues in copyright, trademark, patent, and unfair competition law, as well as matters involving real names or depictions of real-life events. Depending on the content, Lee & Ko also advises on specialized issues, such as the use of Olympic symbols, youth protection in drama scenes and filming, and personal data consent. This breadth of expertise ensures that producers receive effective, comprehensive guidance across the many legal challenges of content creation.

Lee & Ko further supports clients on Errors & Omissions (E&O) insurance matters, including preparing title reports and conducting IP clearance, to help mitigate the risk of future copyright and personality rights claims. Representative work in this field includes MBC dramas Chief Detective 1958, Doubt, and Oh My Ghost Clients; SBS dramas Revenant, The First Responders, Payback: Money and Power and JTBC’s Reborn Rich.

Through these production-related legal services, Lee & Ko helps Netflix and leading production companies to actively identify and resolve legal issues in advance, safeguard against disputes, and ensure the seamless development and release of content. Lee & Ko continues to play a trusted role across numerous high-profile productions, earning consistent recognition and positive feedback from both Netflix and its production partners.