Anadolu Agency WORLD
Published February 24,2026
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South Korea has won a case against the US-based hedge fund Elliott Management in a UK court, avoiding a liability payment of 160 billion won ($110.6 million) to the fund.
The government had taken the fund to court to cancel an arbitration ruling in the investor-state dispute settlement (ISDS) case, according to The Chosun Daily.
The court annulled the prior arbitration ruling, which had been based on the premise that the National Pension Service is a state agency.
Elliott Management, as a shareholder of the former Samsung C&T, filed the earlier case in 2018 under the Korea-US Free Trade Agreement. It cited the voting rights exercised by the National Pension Service in favor of the 2015 merger between Samsung C&T and Cheil Industries, a deal that Elliott had opposed.
The Permanent Court of Arbitration ruled in June 2023 in favor of Elliot, ordering South Korea to pay a total of 130 billion won ($90 million).
South Korea in July 2023 filed a lawsuit to cancel the arbitration ruling. The UK High Court dismissed its claim in August the following year, saying it had no jurisdiction over the case.
In July 2025, however, the UK Court of Appeal ruled South Korea’s cancellation grounds were valid and remanded the case to the lower court.
South Korea evaluated the ruling as “an achievement exceeding the UK court’s 3% cancellation approval rate over the past two years” and added that it will prepare for the possibility of Elliott appealing the decision, the media outlet reported.
ANEWS
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