Elliott Expresses Disappointment at Republic of Korea’s Decision to Challenge Award in Corruption Case
WEST PALM BEACH, Fla., July 18, 2023 /PRNewswire/ — Elliott Investment Management L.P. (“Elliott”), today issued the following statement:
Elliott is disappointed by the Republic of Korea’s (“ROK”) decision to commence a legal proceeding in London to set aside the Award of approximately US $108.5 million (representing damages, interest, and legal fees and costs) granted to Elliott by the Tribunal last month.
The ROK’s refusal to honor the Tribunal’s unanimous decision—which, after five years of thorough litigation, found against the ROK on virtually every substantive ground—sends the wrong message about the Republic’s tolerance for corruption and impairs the country’s objective to be viewed as a fair and responsible market for foreign investment. Further, many Koreans, including institutional investors and pensioners, were damaged by Samsung and the prior administration’s actions. Had Elliott not been illegally obstructed by the corrupt conduct at the heart of this case, these Korean institutions and pensioners all would have benefited significantly.
This challenge to the Award seems once again designed to use opposition to Elliott to distract from the damage done to Korean shareholders, domestic and foreign, by Samsung and the ROK, who together treated them as pawns to be sacrificed in a scheme to benefit only a few powerful individuals. It is noteworthy that all of this conduct was proven in Korean courts and prosecuted by members of the current administration. Elliott’s right to recovery is based on the factual findings of Korean judges under the exacting standard of beyond a reasonable doubt, applied under well-established international law.
From Elliott’s perspective, the legal proceeding initiated by the Republic today is wasteful: It appears that the ROK is planning to reiterate arguments that it made in the arbitration proceeding, which the Tribunal has considered and rejected. Further, precedents show that the English courts hold set-aside applications to a very high standard. The interest and costs due on the Award will continue to accrue until the payment of the full award is made to Elliott. Under the circumstances, Elliott believes that this legal proceeding will only result in further needless expenditure of Korean taxpayers’ money.
Elliott intends to vigorously oppose the arguments advanced by the ROK.
More information regarding this matter can be found on the website of the Permanent Court of Arbitration by following the link below:
Elliott Investment Management L.P. manages approximately $55.2 billion of assets as of December 31, 2022. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.
Elliott Investment Management L.P.
T: +1 212 478 2017
Elliott Advisors (UK) Limited
T: +44 203 009 1715
T: +82 (2) 866 9455
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