Mason Capital Successfully Defends Arbitration Award Against Republic of Korea

Latham & Watkins is pleased to announce a significant victory on behalf of Mason Capital, successfully defeating a challenge to an arbitration award against the Republic of Korea. The Singapore International Commercial Court has upheld the award, rejecting all grounds for challenge raised by the Republic of Korea.

The underlying dispute centered on the 2015 merger of Samsung Group affiliates, Samsung C&T Corp., and Cheil Industries Inc.  Represented by Latham & Watkins, Mason Capital, a significant shareholder in Samsung C&T and a related entity, brought an arbitration under the Korea-US Free Trade Agreement in order to hold the government to account for its improper intervention in support of the merger that grossly undervalued Samsung C&T’s shares.

After rigorous legal proceedings, the tribunal, in April 2024, awarded significant compensation and compound interest to Mason, together with a high proportion of Mason’s legal costs, marking a defining moment in the enforcement of investor rights under the Korea-US Free Trade Agreement.

The Singapore International Commercial Court has today upheld the award in full, rejecting all of the grounds for challenge raised by the Republic of Korea and awarding Mason Capital a substantial proportion of its costs.

"We are thrilled with the court’s decision to uphold the award in favor of Mason Capital," said Sophie Lamb KC, Litigation & Trial Practice partner at Latham & Watkins in London. "This outcome further vindicates our client’s rights in all respects, and we hope that it will conclusively resolve the dispute."

The Latham team was led by Litigation and Trial Practice partner Sophie Lamb KC, with partner Samuel Pape and associates Alice Zhou and Aris Adamantopoulos in London.

Co-counsel: Rachel Low LLC in Singapore and Matthew Gearing KC of Duxton Hill Chambers.