Berjaya is to receive US$104.3 million and to withdraw the notice of intent that it submitted to seek investor-state dispute settlement arbitration for a sum of US$3.42 billion.
The government is apparently baffled by Lone Star Fund’s attempts to use Korean news outlets as a means of putting itself in a dominant position in its $4.68 billion legal battle against Seoul.
US private equity firm Lone Star Funds suggested it was open to “amicable and sensible” out-of-court option to settle the longstanding dispute with the Korean government.
As ministers of the member countries of the RCEP meet for final negotiations over the trade agreement this week, regional lawmakers today expressed concern about the lack of parliamentary and public oversight of the deal, as well as its potential human rights impacts.
South Korean state owned power utility Kowepo has begun international arbitration proceedings against India in Singapore for not honouring a fuel supply commitment to its Maharashtra power plant.
The South Korean government has won an international arbitration in a suit a Korean-American individual filed over expropriation of land in a redevelopment project.