South Korea ordered to pay Elliott $48.49 million in Samsung merger case
FILE PHOTO: An employee walks past a logo of Samsung C&T Corp at the company’s headquarters in Seoul, South Korea, July 16, 2015. Win or lose in its bid to derail an $8 billion Samsung Group merger on Friday, U.S. hedge fund Elliott Associates is likely to remain an irritant for the biggest of South Korea’s powerful conglomerates. Even if construction firm Samsung C&T Corp secures the two-thirds of shares voted on Friday needed for a buyout offer from sister company Cheil Industries, Elliott shows no sign of going away. The fund is widely expected to continue challenging Samsung with lawsuits as a shareholder that would have more than 2 percent of the merged firm. REUTERS/Kim Hong-Ji/File Photo
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
SEOUL, Oct 1 : South Korea has been ordered to pay US hedge fund Elliott about $48.49 million plus interest after a tribunal ruled the government’s involvement in the 2015 merger of Samsung C&T and Cheil Industries was causally linked to Elliott’s losses, Seoul’s Justice Ministry said on Thursday.
The remand tribunal upheld the same damages award as the original arbitration, according to the ministry.
Source: Reuters
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
