HONG KONG -- (BUSINESS WIRE) --
Elliott is seeking to negotiate with the Republic of Korea (ROK) regarding compensation for Elliott’s damages arising from the former administration’s unlawful intervention in the merger of Samsung C&T and Cheil Industries. In the United States-Korea Free Trade Agreement (KORUS FTA) the ROK committed to compensating investors who are victimized by breaches of the Treaty. The actions by the former administration and the National Pension Service (NPS) were in breach of KORUS FTA and constituted manifestly unfair and inequitable treatment of Elliott.
The scandal that has unfolded around the merger has led to the impeachment and removal of then-President Park, as well as a number of criminal trials and convictions in ROK domestic courts, including those of senior Samsung Executives, the former Minister of Health and Welfare, and the former Chief Investment Officer of the NPS.
The facts revealed since the 2015 merger are clear: the web of corruption reaching from the President herself down to the NPS, unfairly damaged Elliott and other Samsung C&T shareholders.
About Elliott
Elliott Management Corporation manages two multi-strategy funds which combined have approximately $35 billion of assets under management. Its flagship fund, Elliott Associates, L.P., was founded in 1977, making it one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, and employees of the firm. Elliott Advisors (HK) Limited is an affiliate of Elliott Management Corporation. With a strong understanding of the Korean market and corporate structures, Elliott has a history of successfully enhancing shareholder value in Korea.
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CONTACT:
Media
Seoul
KorCom
Kyle Kim, +82-2-6925-1507
kihoon@korcom.com
or
New York
Elliott Management Corporation
Michael O’Looney, +1 212-478-2687
mOlooney@elliottmgmt.com