Successfully defended the South Korean government in a KRW 991.7 billion ISDS claim filed by the U.S.-based hedge fund Elliot

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.