Mirae Asset recovers $192.97 mil. from Brookfield as yearslong IFC dispute ends

Mirae Asset Global Investments has recovered the full amount it claimed from Brookfield, a Canadian multinational investment firm, ending a yearslong dispute over a failed property deal in Seoul’s financial district of Yeouido, industry officials said Monday. They said Brookfield returned 283 billion won ($192.97 million) last week, as ordered by the Singapore International Arbitration Centre's (SIAC) ruling in October, despite initially refusing to pay. The sum includes a 200 billion won performance deposit, accumulated interest and arbitration-related costs linked to the collapsed acquisition of the International Finance Center (IFC) in Yeouido. The conflict began in 2021 when Mirae Asset Global Investments agreed to acquire the building from Brookfield and was then selected as the preferred bidder for the IFC, paying the 200 billion won performance deposit. However, the deal fell through after the Ministry of Land, Infrastructure and Transport rejected Mirae Asset Global Investments’ plan to finance part of the acquisition through a real estate investment trust (REIT). Following thWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times