{"id":2201441,"date":"2023-06-21T19:22:37","date_gmt":"2023-06-21T10:22:37","guid":{"rendered":"https:\/\/koreapro.org\/?p=2201441"},"modified":"2023-11-20T17:50:33","modified_gmt":"2023-11-20T08:50:33","slug":"how-us-investors-court-victory-over-south-korea-could-spur-financial-reform","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/06\/how-us-investors-court-victory-over-south-korea-could-spur-financial-reform\/","title":{"rendered":"How US investors\u2019 court victory over South Korea could spur financial reform"},"content":{"rendered":"

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\u2019s corporate governance and investment climate.<\/span><\/p>\n

The Permanent Court of Arbitration ruling <\/span>mandates<\/span><\/a> that South Korea disburse roughly $108.5 million in damages and legal fees to EIM, substantially lower than the firm\u2019s original claim of <\/span>$770 million<\/span><\/a>. This claim arose following the contentious <\/span>merger<\/span><\/a> of two Samsung affiliates, Cheil Industries and Samsung C&T, in 2015.<\/span><\/p>\n

EIM was a minority shareholder at the time of the merger, with a 7.1% stake in Samsung C&T, and staunchly resisted the move. It argued that the merger aimed to consolidate the influence of Lee Jae-yong, then the vice president of Samsung Electronics, over the conglomerate\u2019s subsidiaries.\u00a0<\/span><\/p>\n

Despite EIM\u2019s opposition, the merger proceeded with the endorsement of South Korea\u2019s National Pension Service (NPS). The NPS, with an <\/span>11.21%<\/span><\/a> stake in Samsung C&T \u2014 substantially larger than that of EIM \u2014 was seen as the deciding vote. EIM <\/span>contended<\/span><\/a> that this move violated the <\/span>U.S.-Korea Free Trade Agreement<\/span><\/a>.<\/span><\/p>\n

Central to EIM\u2019s argument was the assertion that the merger undervalued Samsung C&T\u2019s shares while inflating those of Cheil Industries. Further, EIM <\/span>accused<\/span><\/a> the South Korean government of acting unfairly by favoring a \u201cdomestic corporate chaebol family over an unpopular foreign investor.\u201d<\/span><\/p>\n

Chaebol refers to the massive, predominantly family-run conglomerates that dominate the South Korean business landscape.<\/span><\/p>\n

CORPORATE GOVERNANCE<\/b><\/p>\n

EIM\u2019s claim highlights underlying issues within South Korea\u2019s corporate governance structure. The power held by conglomerates and the potential for government corruption and interference in corporate matters are key issues. These concerns were thrust into the limelight following the <\/span>impeachment and removal<\/span><\/a> of former South Korean President Park Geun-hye on bribery allegations linked to the merger.<\/span><\/p>\n

South Korean prosecutors <\/span>argued<\/span><\/a> in 2017 that Lee Jae-yong and other former Samsung Group executives offered bribes to <\/span>Choi Soon-sil<\/span><\/a>, Park\u2019s longtime confidante.\u00a0<\/span><\/p>\n

In exchange, they allegedly received political backing and governmental support for the controversial 2015 merger. Prosecutors asserted that this merger effectively transferred control of the company to Lee from his father at the expense of other shareholders.<\/span><\/p>\n

Subsequently, a Seoul court <\/span>sentenced<\/span><\/a> Moon Hyung-pyo, a former minister of health, to 2.5 years in prison for illicitly pushing the NPS to endorse the $8 billion merger. The health ministry oversees the NPS, which held substantial stakes in both companies involved in the merger.<\/span><\/p>\n

The South Korean government\u2019s perceived favoritism toward domestic companies, in contrast to foreign investors, raises questions about the country\u2019s investment climate and whether it is fair or transparent.\u00a0<\/span><\/p>\n

It\u2019s also not the first case in which outside investors have apparently gotten the raw end of a Korean business deal. Lone Star Funds, a U.S. private equity firm, secured <\/span>$216.5 million<\/span><\/a> in damages from South Korea in 2022 over a similarly contentious deal involving the now-defunct <\/span>Korea Exchange Bank<\/span><\/a> (KEB).<\/span><\/p>\n

Lone Star alleged that its 2007 <\/span>plan<\/span><\/a> to offload a controlling stake in KEB to global banking giant HSBC was <\/span>stymied<\/span><\/a> due to delayed approval by Seoul\u2019s financial regulatory authorities. Lone Star acquired the KEB stake for $1.06 billion (1.38 trillion won) in 2003, with plans to sell it to HSBC for approximately $4.6 billion (5.94 trillion won).\u00a0<\/span><\/p>\n

However, the firm eventually had to offload it to Seoul-based Hana Financial Group for roughly $3 billion (3.9 trillion won) in 2012. Lone Star argued that the ROK government intentionally stalled approval of the deal, denying the firm \u201cfair and equitable treatment.\u201d<\/span><\/p>\n

The Lone Star ruling garnered significant attention in South Korea, primarily due to the alleged involvement of several incumbent high-ranking officials.<\/span><\/p>\n

Allegations surfaced in 2022 that Prime Minister Han Duck-soo was <\/span>paid<\/span><\/a> $116,000 (150 million won) between Nov. 2002 and July 2003 while serving as an adviser for South Korean law firm Kim & Chang, which represented Lone Star during that period.<\/span><\/p>\n

\"\"

President Yoon Suk-yeol attends the Samsung Display investment agreement ceremony with Samsung Electronics Executive Chairman Lee Jae-yong to his right, April 4, 2023 | Image: ROK Presidential Office<\/a><\/em><\/p><\/div>\n

WHAT\u2019S NEXT?<\/b><\/p>\n

\u200b\u200bThere could be major repercussions for South Korean finance stemming from the government\u2019s battles with American investors.\u00a0<\/span><\/p>\n

As a global nexus for innovation and tech development, South Korea may find such incidents serve as deterrents to foreign investment. The events could suggest to international investors that they\u2019re at a disadvantage compared to domestic corporations.<\/span><\/p>\n

With each such case, South Korea\u2019s image as a competitive destination for foreign capital is further undermined, potentially hindering its ability to attract inflows of cash in the future and keep it onshore.<\/span><\/p>\n

The Yoon administration has shown eagerness to change this narrative. It has taken numerous steps to <\/span>deregulate<\/span><\/a> the domestic capital market with an aim to secure developed market status from Morgan Stanley Capital International (MSCI) \u2014 an investment research firm that provides stock indexes, portfolio risk and performance analytics, and governance tools to institutional investors and hedge funds.<\/span><\/p>\n

Yet the MSCI continues to classify South Korea as an <\/span>emerging market<\/span><\/a>, even though it has the world\u2019s <\/span>10th-largest<\/span><\/a> nominal gross domestic product, outranking many G10 members like the Netherlands and Switzerland. One factor contributing to this continued classification is South Korea\u2019s perceived closedness toward foreign investment.<\/span><\/p>\n

While it\u2019s likely that the ROK government will appeal the tribunal\u2019s ruling favoring EIM, possibly to reduce the payable damages, it\u2019s also probable that it will use the arbitration rulings to indicate a willingness to rectify past wrongs and uphold the rights of foreign investors.\u00a0<\/span><\/p>\n

The Yoon administration could be spurred to make its corporate governance procedures more transparent and equitable, thereby reducing the risk of similar, costly legal disputes in the future. Stricter regulatory oversight of conglomerates and enhanced protection for minority shareholders may follow.<\/span><\/p>\n

Moreover, the government could find itself pushed to enforce greater transparency in decision-making processes, especially those involving state-owned entities such as the NPS.<\/span><\/p>\n

While the immediate fallout of the EIM lawsuit may bleaken South Korea\u2019s investment reputation, the long-term implications could bring about considerable enhancements to the country\u2019s corporate governance and investment climate.<\/span><\/p>\n

However, ties between the South Korean government and the country\u2019s conglomerates are deeply rooted, and it remains to be seen if the ROK will take heed of these indicators and take action to create a more inclusive and fair playing field for foreign investors.<\/span><\/p>\n

Edited by Arius Derr<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

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