South Korea will accept an international arbitration ruling requiring the country to pay approximately 153 billion won, equivalent to 114 million dollars, plus interest to the US hedge fund Elliott Investment Management. Yonhap News reports this.
The dispute concerns the 2015 merger of Samsung C&T and Cheil Industries. Elliott claimed that the South Korean government improperly influenced approval of the deal.
In September, the arbitration tribunal ruled that the government’s intervention had caused the fund financial losses. South Korea’s Ministry of Justice has now decided not to appeal the ruling.
