October 2, 2026
Kobre & Kim, working alongside arbitration counsel Three Crowns, has secured a US$113 million award for Elliott Associates, L.P. against the Republic of Korea, in proceedings before the Permanent Court of Arbitration, arising from the government's intervention in the 2015 merger between Samsung C&T and Cheil Industries.
The award is the latest significant development in a dispute that began after Elliott alleged that Korea's actions in connection with the merger caused substantial losses to minority shareholders. The matter has generated proceedings across multiple jurisdictions and has become one of the most closely watched investor-state disputes involving the Republic of Korea.
The result follows an earlier ruling by the High Court of England and Wales, which agreed with Korea's view that its National Pension Service is not a state organ for purposes of treaty obligation and remitted “with reluctance” the matter to the tribunal for further determination on the issue of causation. After another in-person hearing in July 2026, held in Washington D.C., the tribunal affirmed Elliott's position that the Presidential Blue House and Ministry of Health and Welfare indeed caused the damages to Elliott by unlawful intervention to coerce NPS’s votes to approve the controversial merger.
Kobre & Kim advised Elliott on its overarching cross-border strategy throughout the matter, drawing on the firm's experience handling complex sovereign disputes, international arbitration-related proceedings, and judgment and award enforcement campaigns worldwide.
The Kobre & Kim team included Robin J. Baik, Kunhee Cho, Andrew Stafford KC, Richard Clarke, Michael Bahn, Ethan Kim, Jinseul Jun, Seungyun Lee, Kyle Koo, Lucy Lee, Tyler Lui, and Michael S. Kim.
The victory was covered by Bloomberg, Global Arbitration Review, and Reuters.
About Kobre & Kim
Kobre & Kim is a global law firm that focuses on cross-border disputes and investigations, often involving fraud and misconduct.
Our team:
- Acts on behalf of creditors to monetize high-value bonds and loans, judgments, and arbitration awards.
- Avoids ongoing client relationships with common industry participants such as Korean chaebols and instead focuses on special-situation engagements.
- Includes native Korean-speaking lawyers from our Seoul, U.S. and UK offices assisting clients navigating the Korean market.