S. Korea files for revocation litigation against PCA verdict

S. Korea files for revocation litigation against PCA verdict

Justice Minister Han Dong-hoon (2nd from R) answers reporters' questions during a news conference at the government complex in Seoul on July 18, 2023, regarding the government's response to the Permanent Court of Arbitration's (PCA) recent decision in an investor-state dispute settlement (ISDS) suit between the South Korean government and U.S.-based hedge fund Elliott Investment Management. Han said the government has initiated revocation litigation with the international tribunal in the Netherlands, which ordered South Korea on June 20 to pay around US$53.59 million plus interest to Elliott in relation to a yearslong dispute surrounding a controversial merger of two units of Samsung Group -- Samsung CT&T Corp. and Cheil Industries Inc. The court also ordered South Korea to pay around $28.9 million to Elliott as reimbursement for its legal expenses. (Yonhap)

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