Mirae Asset accuses Brookfield of unreturned IFC deposit despite arbitration ruling

Mirae Asset Global Investments accused Brookfield, a Canadian multinational investment firm, Wednesday, of failing to comply with an international arbitration ruling in its favor over a botched property deal in Seoul’s financial district of Yeouido. The asset management arm of Mirae Asset Financial Group said it is preparing further legal action against Brookfield, claiming the firm has not returned a 200 billion won ($139.5 million) deposit related to the deal, along with accrued interest and arbitration-related costs. “An international arbitration award is a legally binding and final judgment recognized by the international community,” the Korean firm said in a statement. “Nevertheless, Brookfield has refused to comply and continues to take an abnormal stance that seriously undermines trust and fair trading order in the global investment market." The statement came a day after the Tuesday deadline for Brookfield to pay back the 200 billion won deposit, with interest due and arbitration-related costs, as ordered by the Singapore International Arbitration Centre (SIAC) in its reWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times