WEST
PALM BEACH, Fla., Sept. 12,
2024 /PRNewswire/ -- Elliott Investment Management
L.P. ("Elliott"), today issued the following statement:
On September 12,
2024, the Republic of Korea ("ROK") filed court papers to
appeal the High Court of England
and Wales's (the "English Court")
dismissal of its application to set aside the US $100 million Arbitral Award ("Award").
Elliott will continue to vigorously defend the
Award and its rights under the U.S.-Korea Free Trade Agreement (the
"Treaty").
The Award was issued against the ROK in
June 2023 to compensate for the
damages Elliott suffered when the ROK government corrupted the
Korea National Pension Service's decision-making process in
relation to the controversial 2015 Samsung Merger. The
arbitral panel found that the ROK's intervention – which resulted
in numerous criminal convictions of government and Samsung
officials – violated the investor protection provided under the
Treaty.
The ROK's continued refusal to honor the Award
is not surprising yet deeply wrong-headed, particularly given that
the ROK has already attempted and failed to set aside the
Award. The English Court dismissed the ROK's application
at the threshold without even hearing the merits, issuing a
comprehensive judgment after the hearing that was held in
London in July 2024.
Elliott encourages the ROK to reconsider
its decision to appeal the English Court's ruling.
The ROK's actions undermine its efforts to build a reputation
as a fair, transparent and trustworthy capital market, further
perpetuating the "Korea Discount." Additionally, the
ROK's ongoing refusal to honor the Award is only increasing the
burden on Korean taxpayers, as interest on the Award continues to
accrue at a rate of more than US $10,000 every day, along with the potential for
further cost liability arising from the ROK's appeal. The ROK
should stop trying to distract the Korean public from the
government's own corrupt conduct and mistakes. Rather than
further increasing the cost its citizens will ultimately have to
bear, it should comply with the judgment and put this episode
behind it.
More information regarding this matter can be found on the
website of the Permanent Court of Arbitration by following the link
below:
https://pca-cpa.org/en/cases/197/
About Elliott
Elliott Investment Management L.P.
(together with its affiliates, "Elliott") manages approximately
$69.7 billion of assets as of
June 30, 2024. Founded in 1977,
it is one of the oldest funds under continuous management.
The Elliott funds' investors include pension plans, sovereign
wealth funds, endowments, foundations, funds-of-funds, high net
worth individuals and families, and employees of the firm.
Media Contacts:
U.S.
Casey
Friedman
Elliott Investment Management
L.P.
T: +1 212
478 1780
cfriedman@elliottmgmt.com
London
Alice Best
Elliott Advisors (UK) Limited
T: +44 203 009 1715
abest@elliottadvisors.co.uk
Seoul
Jin Kim
Nine Crosby
T: +82 2 866 9455
jinkim@ninecrosby.com
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SOURCE Elliott Investment Management L.P.
