According to sources related to the Lone Star ISD, the tribunal is expected to give a final ruling on Lone Star versus the Korean government case that has dragged on for nine years within the first half.
SK Innovation is considering initiating international arbitration proceedings against the Peruvian government for blocking the company’s exit from Camisea Gas Project in Peru.
The South Korean government has opted for an international arbitration over its longstanding dispute with Lone Star Funds after it turned down the US fund’s final $870-million out-of-court settlement proposal.
Lone Star Funds, which is in litigation against the South Korean government at the International Centre for Settlement of Investment Disputes, suggested US$870 million as a concession.
The Ministry of Justice in Korea has created a team dedicated to settling investor-state disputes, in order to more actively and effectively respond to intricate international litigation.
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.