Korea, Republic of

Korea, Republic of

NO. Year of initiation Short case name Full case name Applicable IIA Arbitral rules Administering institution Summary Details of investment Outcome of original proceedings Respondent State Home State of investor Economic sector Economic subsector Arbitrators Amount claimed Amount awarded (or settled for) Breaches alleged Breaches found Decisions Individual opinions Follow-on proceeding type Follow-on proceeding status Follow-on decisions Follow-on individual opinions ICSID annulment committee members
1 2021 Dayyani and others v. Korea (II) Mohammad Reza Dayyani and others v. Republic of Korea (II) Iran, Islamic Republic of - Korea, Republic of BIT (1998) Data not available Data not available Investment:

Summary:
Pending Korea, Republic of Iran, Islamic Republic of Secondary: C - Manufacturing 27 - Manufacture of electrical equipment Data not available Data not available Data not available Data not available Pending Data not available Data not available None None None None None
2 2021 Won v. Korea Jason Hun Won v. Republic of Korea Korea - US FTA (2007) Data not available Data not available Investment: Ownership of a residential building in Busan.

Summary: Claims arising out of the dispossession of the claimant’s residential building by a redevelopment union allegedly affiliated with a government agency.
Ownership of a residential building in Busan. Pending Korea, Republic of United States of America Tertiary: L - Real estate activities 68 - Real estate activities Name not available - President

Legum, B. - Claimant

Cremades, B. M. - Respondent
5.40 mln USD Data not available Direct expropriation Pending Data not available Data not available None None None None None
3 2020 Min v. Korea Fengzhen Min v. Republic of Korea (ICSID Case No. ARB/20/26) China - Korea, Republic of BIT (2007) ICSID ICSID Investment: Shareholding in Pi Investment Co. Ltd (“Pi Korea”), a real estate company.

Summary: Claims arising out of the forced sale of the claimant’s shares in a local real estate company by Woori Bank, a South Korean bank allegedly controlled by the Government.
Shareholding in Pi Investment Co. Ltd (“Pi Korea”), a real estate company. Pending Korea, Republic of China Tertiary: L - Real estate activities 68 - Real estate activities Glick, I. - President

Drymer, S. L. - Claimant

McRae, D. M. - Respondent
Data not available Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Indirect expropriation
Pending Decision on the Respondent’s preliminary objections pursuant to ICSID Arbitration Rule 41(5) dated 18 June 2021 None None None None None None
4 2018 Elliott v. Korea Elliott Associates L.P. v. Republic of Korea (PCA Case No. 2018-51) Korea - US FTA (2007) UNCITRAL PCA Investment: Shareholding in the Samsung C&T Corporation.

Summary: Claims arising out of the Government’s conduct that allegedly led to the merger of Samsung C&T Corporation with Cheil Industries and thereby caused financial losses to the claimant.
Shareholding in the Samsung C&T Corporation. Pending Korea, Republic of United States of America Data not available Data not available Heiskanen, V. - President

Garibaldi, O. M. - Claimant

Thomas, J. C. - Respondent
770.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

National treatment
Pending None None None None None None None
5 2018 Mason v. Korea Mason Capital L.P. and Mason Management LLC v. Republic of Korea (PCA Case No. 2018-55) Korea - US FTA (2007) UNCITRAL PCA Investment: Minority shareholding in Samsung C&T Corporation ("Samsung C&T") and Samsung Electronics, Inc.

Summary: Claims arising out of senior government officials’ alleged measures to enable a merger of Samsung C&T with a Samsung affiliate, Cheil Industries Incorporated (“Cheil”), on terms favourable to a large domestic Cheil shareholder. This was allegedly done by substantially undervaluing Samsung C&T and caused losses to the claimants’ shareholding.
Minority shareholding in Samsung C&T Corporation ("Samsung C&T") and Samsung Electronics, Inc. Pending Korea, Republic of United States of America Tertiary: K - Financial and insurance activities 64 - Financial service activities, except insurance and pension funding Gloster, E. - Claimant

Mayer, P. - Respondent

Sachs, K. - President
191.40 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

National treatment
Pending Decision on Respondent's Preliminary Objections dated 22 December 2019 (English)

Decision on Respondent's Preliminary Objections dated 22 December 2019 (Korean)
None None None None None None
6 2018 Schindler v. Korea Schindler Holding AG v. Republic of Korea (PCA Case No. 2019-44) EFTA - Korea Investment Agreement (2005) UNCITRAL PCA Investment: Minority shareholding in Hyundai Elevator Co. Ltd.

Summary: Claims arising out of the government authorities’ alleged failure to exercise financial oversight related to Hyundai Elevator’s share capital increases and other measures taken by the controlling shareholders, including the ultimate use of the corporate funds. Such actions allegedly caused significant impairments to the claimant’s participation rights in Hyundai Elevator as the second largest shareholder.
Minority shareholding in Hyundai Elevator Co. Ltd. Pending Korea, Republic of Switzerland Secondary: C - Manufacturing 28 - Manufacture of machinery and equipment n.e.c. Shore, L. - President

Malintoppi, L. - Claimant

Kaplan, N. - Respondent
300.00 mln USD Data not available Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Pending None None None None None None None
7 2018 Seo v. Korea Jin Hae Seo v. Republic of Korea (HKIAC Case No. 18117) Korea - US FTA (2007) UNCITRAL Investment: Partial ownership (76%) of a residential property in Seoul.

Summary: Claims arising out of the allegedly insufficient amount of compensation set by the Government for the claimant’s real estate property that had been expropriated following the municipal government’s designation of the relevant area for redevelopment.
Partial ownership (76%) of a residential property in Seoul. Decided in favour of State Korea, Republic of United States of America Tertiary: L - Real estate activities 68 - Real estate activities Simma, B. - President

Lo, B. - Claimant

McRae, D. M. - Respondent
3.00 mln USD Data not available Direct expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
None - jurisdiction declined Final Award dated 24 September 2019 Concurring Opinion of Benny Lo None None None None None
8 2015 Dayyani v. Korea Mohammad Reza Dayyani and others v. Republic of Korea (PCA Case No. 2015-38) Iran, Islamic Republic of - Korea, Republic of BIT (1998) UNCITRAL PCA Investment: Agreement for the acquisition of a majority stake in Daewoo Electronics and 10 per cent down payment of the price.

Summary: Claims arising out of Korea Asset Management Corporation’s termination of an agreement for the sale of a majority stake in Daewoo Electronics to the claimants’ company Entekhab and alleged non-return of the claimants’ US$50 million deposit.
Agreement for the acquisition of a majority stake in Daewoo Electronics and 10 per cent down payment of the price. Decided in favour of investor Korea, Republic of Iran, Islamic Republic of Secondary: C - Manufacturing 27 - Manufacture of electrical equipment Paulsson, J. - Claimant (replaced)

Hanotiau, B. - President

Pinsolle, P. - Claimant

Griffith, G. - Respondent
93500.00 mln KRW (86.80 mln USD) 57000.00 mln KRW (53.20 mln USD) Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims Award dated 5 June 2018 None Judicial review by national courts Award/decision upheld (Judicial review by national courts) Judgment of the High Court of Justice of England and Wales dated 20 December 2019 (Judicial review by national courts) None None
9 2015 Hanocal and IPIC International v. Korea Hanocal Holding B.V. and IPIC International B.V. v. Republic of Korea (ICSID Case No. ARB/15/17) Korea, Republic of - Netherlands BIT (2003) ICSID ICSID Investment: Majority shareholding in Hyundai Oilbank, a petroleum and refinery company based in the city of Seosan.

Summary: Claims arising out of the alleged tax levied on the 2010 sale of the claimants' controlling stake in Hyundai Oilbank, a petroleum and refinery company based in the city of Seosan.
Majority shareholding in Hyundai Oilbank, a petroleum and refinery company based in the city of Seosan. Discontinued Korea, Republic of Netherlands Primary: B - Mining and quarrying 6 - Extraction of crude petroleum and natural gas Park, W. W. - Respondent

Born, G. B. - Claimant

Sachs, K. - President
168.00 mln USD Data not available Data not available Not applicable - settled or discontinued before decision on liability None None None None None None None
10 2012 LSF-KEB v. Korea LSF-KEB Holdings SCA and others v. Republic of Korea (ICSID Case No. ARB/12/37) BLEU (Belgium-Luxembourg Economic Union) - Korea, Republic of BIT (1974) ICSID ICSID Investment: Majority shareholding in a South Korean financial institution; shareholding in Seoul’s Star Tower; interests in an engineering and construction manufacturer.

Summary: Claims arising out of the alleged failure by Korean regulatory authorities over a period of several years to approve the purchase by third parties of claimant’s stake in Korea Exchange Bank, and the alleged imposition of arbitrary capital gains taxes on the sale by Korean tax authorities.
Majority shareholding in a South Korean financial institution; shareholding in Seoul’s Star Tower; interests in an engineering and construction manufacturer. Pending Korea, Republic of Belgium

Luxembourg
Tertiary: F - Construction

Tertiary: K - Financial and insurance activities

Tertiary: L - Real estate activities
42 - Civil engineering

64 - Financial service activities, except insurance and pension funding

68 - Real estate activities
Veeder, V. V. - President (replaced)

Brower, C. N. - Claimant

Stern, B. - Respondent

Binnie, I. - President
4700.00 mln USD Data not available Data not available Pending Decision on Respondent's request to address the objections to jurisdiction as a preliminary question dated 23 December 2013 None None None None None None
NO. Year of initiation Short case name Full case name Applicable IIA Arbitral rules Administering institution Summary Details of investment Outcome of original proceedings Respondent State Home State of investor Economic sector Economic subsector Arbitrators Amount claimed Amount awarded (or settled for) Breaches alleged Breaches found Decisions Individual opinions Follow-on proceeding type Follow-on proceeding status Follow-on decisions Follow-on individual opinions ICSID annulment committee members
1 2019 Kowepo v. India Korea Western Power Company Limited v. India (PCA Case No. 2020-06) India - Korea, Republic of BIT (1996)

India - Korea, Republic of CEPA (2009)
UNCITRAL PCA Investment: Shareholding of 40% in Pioneer Gas Power Plant Limited (PGPL), the operator of a 388 MW project in the Raigad district in the Indian state of Maharashtra.

Summary:
Shareholding of 40% in Pioneer Gas Power Plant Limited (PGPL), the operator of a 388 MW project in the Raigad district in the Indian state of Maharashtra. Pending India Korea, Republic of Tertiary: D - Electricity, gas, steam and air conditioning supply 35 - Electricity, gas, steam and air conditioning supply Kalicki, J. E. - President

Stern, B. - Claimant

Hobér, K. - Respondent
400.00 mln USD Data not available Data not available Pending Data not available Data not available None None None None None
2 2018 Baig v. Viet Nam Shin Dong Baig v. Socialist Republic of Viet Nam (ICSID Case No. ARB(AF)/18/2) Korea, Republic of - Viet Nam BIT (1993) ICSID AF ICSID Investment:

Summary:
Pending Viet Nam Korea, Republic of Tertiary: L - Real estate activities 68 - Real estate activities Gill, J. - President

Reichert, K. - Claimant

van den Berg, A. J. - Respondent
Data not available Data not available Data not available Pending None None None None None None None
3 2017 Samsung v. Saudi Arabia Samsung Engineering Co., Ltd. v. Kingdom of Saudi Arabia (ICSID Case No. ARB/17/43) Korea, Republic of - Saudi Arabia BIT (2002) ICSID ICSID Investment: Investment in constructing an electric power plant.

Summary: Claims arising out of the alleged termination of a power plant construction contract.
Investment in constructing an electric power plant. Data not available Saudi Arabia Korea, Republic of Tertiary: F - Construction 42 - Civil engineering Zuleta, E. - President

Alexandrov, S. A. - Claimant

Kalicki, J. E. - Respondent
Data not available Data not available Data not available Data not available Award dated 3 December 2021 None None None None None None
4 2015 Samsung v. Oman Samsung Engineering Co., Ltd. v. Sultanate of Oman (ICSID Case No. ARB/15/30) Korea, Republic of - Oman BIT (2003) ICSID ICSID Investment: Deposit in connection with the bid for a refinery improvement project.

Summary: Claims arising out of the alleged discriminatory treatment by the State towards the claimant in connection with the bidding process to undertake improvements to the Sohar refinery in northern Oman run by the state-owned Oman Refineries and Petroleum Industries Company (ORPIC) in 2013.
Deposit in connection with the bid for a refinery improvement project. Settled Oman Korea, Republic of Tertiary: F - Construction

Tertiary: F - Construction
41 - Construction of buildings

42 - Civil engineering
Heiskanen, V. - Respondent

Lalonde, M. - Claimant

McLachlan, C. A. - President
Data not available Data not available Data not available Not applicable - settled or discontinued before decision on liability Decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 4 August 2016

Award dated 17 January 2018
None None None None None None
5 2014 Ansung Housing v. China Ansung Housing Co., Ltd. v. People's Republic of China (ICSID Case No. ARB/14/25) China - Korea, Republic of BIT (2007) ICSID ICSID Investment: Capital expenditure of over USD 15 million for the development of a golf and country club in China.

Summary: Claims arising out of the provincial government's alleged actions in relation to Ansung's investment in the construction of a golf and country club and luxury condominiums in Sheyang-Xian, Jiangsu province.
Capital expenditure of over USD 15 million for the development of a golf and country club in China. Decided in favour of State China Korea, Republic of Tertiary: F - Construction

Tertiary: L - Real estate activities
41 - Construction of buildings

68 - Real estate activities
Pryles, M. C. - Claimant

Thomas, J. C. - Respondent (replaced)

van den Berg, A. J. - Respondent

Reed, L. - President
100.00 mln CNY (16.30 mln USD) Data not available Data not available None - jurisdiction declined Award dated 9 March 2017 None None None None None None
6 2013 Beck v. Kyrgyzstan Lee John Beck and Central Asian Development Corporation v. Kyrgyz Republic CIS Investor Rights Convention (1997) MCCI MCCI Investment: Rights under certain lease agreements.

Summary: Claims arising out of the alleged expropriation of claimant's investment by terminating certain lease agreements with respect to various land plots to develop a theme park in Bishkek.
Rights under certain lease agreements. Decided in favour of investor Kyrgyzstan Korea, Republic of Tertiary: L - Real estate activities 68 - Real estate activities Vilkova, N. - President

Avtonomov, A. S. - Unknown

Shafir, A. M. - Unknown
Data not available 23.00 mln USD Indirect expropriation Indirect expropriation Award dated 13 November 2013 None Judicial review by national courts Award/decision set aside in its entirety (Judicial review by national courts) Judgment of the Moscow Arbitrazh Court on Application to Set Aside Award dated 24 June 2014 (Judicial review by national courts)

Judgment of the Moscow Arbitrazh Court on Application to Set Aside Award dated 5 June 2015 (Judicial review by national courts)
None None
7 2013 Shinhan v. Libya Shinhan Engineering & Construction Co. v. Libya Korea, Republic of - Libya BIT (2006) Ad hoc None Investment: Investments in the construction of 5,000 Housing Units & Service Building in Tripoli City under a contract with the Government.

Summary:
Investments in the construction of 5,000 Housing Units & Service Building in Tripoli City under a contract with the Government. Pending Libya Korea, Republic of Tertiary: F - Construction 41 - Construction of buildings Name not available - President

Name not available - Claimant

Name not available - Respondent
2000.00 mln USD Data not available Data not available Pending Data not available Data not available None None None None None