Elliott Management Corporation said it was seeking compensation for at least US$770m in damages from South Korea over how its former administration intervened in the merger of Samsung C&T Corporation and Cheil Industries in 2015.
Billionaire Paul Singer’s New York-based hedge fund said in a statement Friday it had submitted the dispute for arbitration and urged the government to pay the damages in order to preserve its reputation with international investors. Elliott said, to date, the parties have been unable to resolve the matter on their own.
“Like all prominent economies, Korea obviously has no interest in being viewed as hostile to foreign investors, particularly when other economies in the Asia-Pacific region are fast becoming potentially attractive alternatives,” Elliott said in the statement.
The South Korean government acknowledgedthey received the notice in a separate statement.
Full Content: Bloomberg