The partial victory of Elliott Investment Management (EIM), an American investment management firm, against the South Korean government at an international tribunal in the Hague may herald a broader shift in the country’s corporate governance and investment climate.

The Permanent Court of Arbitration ruling mandates that South Korea disburse roughly $108.5 million in damages and legal fees to EIM, substantially lower than the firm’s original claim of $770 million. This claim arose following the contentious merger of two Samsung affiliates, Cheil Industries and Samsung C&T, in 2015.