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Lee & Ko has advised the Korean consortium (as borrower) comprised of Hyundai Engineering & Construction Co., Ltd., POSCO Eco & Challenge Co. Ltd. and Hyundai Engineering Co., Ltd., in connection with the consortium’s Syndicated Discounted Repurchase Facility financing for the construction of the Panama Metro Line 3. 

The financing was structured as a securitization of government payment certificates (Certificados de No Objeción, or CDNOs) via three separate facilities provided by KEXIM, IDB Invest (the private sector arm of the Inter-American Development Bank), and a syndicate of seven international banks covered by K-Sure.

The funding will be used by the consortium to extend the Panama Metro Line 3 under the Panama Canal and further demonstrates the trust that international financiers place in the technical expertise of Korean contractors exporting their skills and know-how worldwide. 

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 Shanghai Kaiying Network Technology Co., Ltd. (“Kingnet”) in an ICC arbitration concerning a claim for damages arising from the breach of a game copyright licensing agreement brought against Wemade, securing a full award in favor of Kingnet.

The subject of the dispute, the Legend of Mir series, which is co-owned by Wemade and Actoz Soft, is one of the most successful games in both Korea and China. In 2016, Kingnet entered into a licensing agreement for the development and distribution of the game in China. However, immediately following the execution of the agreement, litigation commenced between Wemade and Actoz Soft in China, which effectively prevented Kingnet from exercising its contractual rights.

As a result, Kingnet initiated arbitration proceedings against Wemade, seeking damages for breach of contract. Based on an in-depth analysis of the relevant legal principles under Korean and Chinese copyright law, Lee & Ko successfully established Wemade’s liability for the breach. The ICC Tribunal accepted all of Kingnet’s claims and awarded approximately KRW 70 billion in damages.

The dispute over the Legend of Mir IP has consistently attracted attention in both Korea and China, and this arbitral award received significant media coverage. Lee & Ko acted as sole counsel in this arbitration, and the case stands as a representative example of the firm’s capability and expertise in independently handling large-scale international disputes.
 

Lee & Ko successfully represented the Korean government in an investor-state dispute settlement (ISDS) proceeding initiated by the U.S.-based private equity firm Mason Capital L.P. and Mason Management LLC (collectively referred to as “Mason”). Lee & Ko’s International Arbitration team secured a favorable award for the Korean government, significantly limiting the liability to merely 16% of Mason’s original claim, which was worth approximately USD 200 million (around KRW 277 billion). 

This dispute dates back to the 2015 merger between two Samsung Group affiliates, Samsung C&T Corp. and Cheil Industries Inc. Mason, a shareholder of Samsung C&T at the time, alleged in arbitration that the Korean government had unlawfully intervened and pressured the National Pension Service (NPS) to vote in favor of the merger. Mason claimed this intervention deprived them of the potential benefits from their Samsung C&T shares and sought USD 200 million in damages against the Korean government.

This high-profile ISDS case has drawn considerable media attention in the field of international arbitration due to its substantial claim amount, the involvement of multiple civil and criminal court cases, and the complex and challenging nature of the dispute, which spanned over five years since its initial filing in 2018. This case also notably involved a significant debate over the principle of fair and equitable treatment under the Korea-US FTA. This monumental and successful defense, culminating in a landmark decision, underscores Lee & Ko’s exceptional expertise in arbitration, accumulated from handling and representing the Korean government and other investors in various ISDS cases, the team’s meticulous examination of extensive documents, close cooperation with foreign law firms, and advanced legal acumen and strategic prowess in addressing multiple issues.

Lee & Ko’s International Arbitration Team successfully represented a major Korean electronics company in an ICC international arbitration concerning a collaboration agreement that was executed with a U.S. app company. 

The collaboration agreement required the U.S. app company to pay the client a distribution fee every time the U.S. app company’s application was installed on the client’s product.  The case arose when the U.S. app company failed to pay distribution fees for installations exceeding ten million, and the client sought payment and delay interest against the U.S. app company. The U.S. app company in turn argued that the client had breached its contractual obligations.  In representing the electronics company, Lee & Ko presented a thorough analysis of the facts relating to app technology, together with an examination of Korean law. As a result, Lee & Ko was able to secure a remarkable victory recovering the entirety of the claim amount as well as full costs of the arbitration.
 

Representing the South Korean government against the U.S.-based hedge fund Elliot Investment Management, Lee & Ko secured a remarkable victory in the investor-state dispute settlement arbitration, which resulted in the tribunal granting only 7% of the KRW 991.7 billion total claim amount. 

This was a dispute concerning the merger between Samsung C&T Corp. and Cheil Industries Inc. in 2015 whereby Elliot claimed it could have earned long-term profits from its shareholding in Samsung C&T, but instead suffered losses due to the alleged illegal intervention by the South Korean government.  Elliot claimed that the South Korean government pressured the National Pension Service to vote in favour of the merger between Samsung C&T and Cheil Industries, which resulted in damages, and sought to recover compensation for KRW 991.7 billion.

This case received considerable media coverage over the years, not least for the multitude of civil and criminal proceedings connected with this case, with both parties engaging in intense legal battle for more than five years since 2018.  Lee & Ko successfully defended the case by applying extensive knowledge and experience in ISDS matters, conducting a thorough and in-depth analysis of a vast volume of materials, collaborating closely with foreign law firms, and developing compelling arguments for some of the most critical issues.