Elliot Management begins legal dispute with South Korea over 2015 merger of two Samsung affiliates

New York-based Elliot Management is seeking an ISDS with South Korea so as to recover losses it made during the merger of the two Samsung affiliates.

On Tuesday, an official from the South Korean government stated, U.S. activist investor Elliott Management has started a legal dispute with South Kore following its defeat in a proxy war to block the merger of two Samsung affiliates.

“We received the notice and are reviewing it,” said an official from South Korea’s justice ministry who declined to be identified since he was not authorized to speak publicly about the matter,

Elliott is seeking an investor-state dispute settlement (ISDS) that allows a company from one country to bring arbitration proceedings directly against the country in which it has invested.

Elliott’s notice is aimed at seeking a mid-April date for arbitration of the dispute before it goes ahead and files a complaint with the International Centre for Settlement of Investment Disputes.

A report appearing in the Korea Economic Daily stated Elliott had suffered investment losses due to the merger.

Most recently, Elliot is also pressing South Korea’s Hyundai Motor Group to adopt a holding company structure and improve returns to shareholders.

Under that pressure Hyundai announced last week a plan to cancel $890 million worth of its own “treasury” shares, its first stock cancellation in 14 years.


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