SEOUL, October 28 (AJP) - South Korea has decided not to challenge an international arbitration ruling ordering it to pay approximately 153 billion won ($114 million) to U.S. investment fund Elliott Management, the government announced Wednesday.
The decision follows a September 30 ruling that upheld Elliott's claim for damages over the controversial 2015 merger of Samsung C&T and Cheil Industries.
The tribunal ordered South Korea to pay approximately $48.49 million in principal damages, along with interest, bringing the total to about 153 billion won.
Elliott, a former Samsung C&T shareholder, filed an investor-state dispute settlement (ISDS) claim in 2018 under the ROK-U.S. Free Trade Agreement, challenging the National Pension Service's support for the merger.
An arbitration tribunal initially ruled in Elliott's favor in June 2023. South Korea subsequently challenged the award in British courts, securing a favorable ruling in February 2026 that sent the case back to arbitration.
The government said it decided against further legal action after consultations with its legal representatives and outside experts, taking into account the latest ruling and the potential costs of additional proceedings.
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