Seoul, April 11 (IANS) An international tribunal ordered South Korea on Thursday to pay 43.8 billion won ($32 million) in compensation to US-based hedge fund Mason Capital in an investor-state lawsuit the company filed over a controversial 2015 merger of two Samsung affiliates, the Justice Ministry said.
The Permanent Court of Arbitration (PCA) in the Netherlands issued the decision nearly six years after the New York-based fund brought the investor-state dispute settlement process against the South Korean government, demanding $200 million in compensation.
The ordered compensation amount, which included interest on delayed payments, represents about 16 per cent of what Mason demanded, reports Yonhap news agency.
The case dates back to the 2015 merger of two Samsung Group affiliates, Samsung C&T and Cheil Industries, where a ratio of 0.35 Cheil shares was offered for every one Samsung CT&T share.
Mason, which held a 2.18 per cent share in Samsung C&T at that time, objected to the merger, saying it undervalued Samsung C&T shares, and has since filed the suit in 2018, claiming the South Korean government had unfairly intervened in favour of the merger.
The merger, seen as aimed at tightening Samsung heir Lee Jae-yong’s control over the family-controlled group, had been the centre of a massive corruption scandal that led to the ousting and the conviction of former President Park Geun-hye, as well as the imprisonment of Lee.
Mason accused the Park administration of exerting excessive influence in the state-run National Pension Service, a major shareholder in Samsung C&T, which was seen as a swing vote at that time, casting its vote in favour of the merger.
–IANS
na/vd
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
