SEOUL, September 28 (AJP) - South Korea’s victory in an investor-state dispute settlement case brought by Schindler Holding AG has finalized as the Swiss elevator company has not challenged the ruling within the legal deadline, the Justice Ministry said Monday.
Schindler did not file an appeals action with the Paris Court of Appeal to annul the March 14 arbitration award within the prescribed period, according to the ministry.
An arbitral tribunal administered by the Permanent Court of Arbitration dismissed all of Schindler’s claims against South Korea in March, rejecting its demand for about 325 billion won ($238 million) in damages.
Schindler, then the second-largest shareholder of Hyundai Elevator, launched the case in 2018 under an investment agreement between South Korea and members of the European Free Trade Association.
The Swiss company alleged that Korean regulators failed to properly investigate and supervise a series of capital increases and other transactions involving Hyundai Elevator, causing losses to its investment.
The tribunal found that Korean authorities had acted within their lawful powers and conducted sufficient investigations and reviews.
The government was also awarded about 9.6 billion won in legal costs, which the Justice Ministry said it fully recovered from Schindler in April.
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