Korea asks Lone Star to reimburse legal costs after winning annulment in investor dispute
The justice ministry said Tuesday it has sent a letter to Lone Star requesting the private equity fund to reimburse legal costs incurred during an investor-state dispute settlement over the 2012 sale of a local bank. The move came after the International Center for Settlement of Investment Disputes (ICSID) recently ruled in favor of Korea, nullifying its earlier decision ordering Seoul to pay Lone Star $216.5 million in compensation plus interest. Under the ruling, Lone Star is required to pay Korea's legal costs incurred during the proceedings within 30 days, or by Dec. 18. In the letter, the ministry requested Lone Star to pay a combined 7.4 billion won ($5 million), including legal costs incurred during the proceeding as well as interest. "We will do our best to defend the national interest by swiftly retrieving legal costs," the ministry said, adding that Lone Star has also voluntarily withdrawn a lawsuit it had filed at a U.S. federal court in 2023. Korea had appealed the ICSID's 2022 ruling to pay the compensation to Lone Star, after the private equity fund filed a suit in 2012 claiWeiter zum vollständigen Artikel bei Korea Times
Quelle: Korea Times