Arbitral Tribunal Reaffirms South Korea Liability in Samsung Merger Case

The tribunal’s supplemental award confirms a total of approximately US $113 million in damages, interest, and legal fees owed to Elliott. This figure includes an additional US $18.9 million accrued during the government's failed attempts to challenge the original 2023 ruling in English courts. Arbitrators rejected the state’s jurisdictional arguments, concluding that the National Pension Service would have opposed the merger had it not been for illicit pressure from the Presidential Blue House and the Ministry of Health and Welfare.

Elliott officials stated that the ongoing resistance to the award has only increased the financial burden on Korean taxpayers, with interest mounting by over US $10,000 daily. The fund framed the resolution of this case as a vital step for South Korea to overcome the so-called "Korea Discount," suggesting that the state must move past a history of favoring the Lee family and chaebol interests over the rights of minority shareholders. The tribunal's decision marks the latest development in an eleven-year dispute over the government’s role in the controversial corporate consolidation.