New York-based hedge fund Mason Capital Management has filed a legal claim seeking at least $175 million from the South Korean government as compensation for damages it says it sustained from a 2015 merger of two Samsung Group affiliates.
The Korean government was ordered to pay about 73 billion won to an Iranian investor who filed an investor-state lawsuit, claiming that he suffered losses in the process of participating in an auction for Daewoo Electronics in 2010.
The South Korean government and Elliott Management next week will enter negotiation for an out-of-court settlement over the U.S. activist fund’s $670 million damage claim for the former administration’s interference in the 2015 merger between Samsung units.
Elliott Associates is demanding more than $670 million in compensation from the government for losses and damages it claims to have suffered regarding the merger of Samsung C&T and Cheil Industries in 2015.
South Korea’s trade ministry said Monday it will seek ways to better protect investor rights from arbitrary regulations when holding talks with China to expand the scope of the two countries’ free trade agreement (FTA) to the service and investment sector.
Samsung Engineering’s longstanding dispute with the government of Oman has been resolved, and industry insiders expect the resolution to lead to increased business activity between the two down the road.