South Korea ordered to pay Mason Capital about US$32 million over 2015 Samsung merger

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SEOUL: South Korea has been ordered to pay New York hedge fund Mason Capital Management more than US$32 million, the Ministry of Justice said on Thursday (Apr 11), in a dispute stemming from the 2015 merger of two Samsung affiliates.

FILE PHOTO: A flag bearing the logo of Samsung flutters in front of its office building in Seoul, South Korea, October 25, 2020. REUTERS/Kim Hong-Ji/File PhotoSEOUL: South Korea has been ordered to pay New York hedge fund Mason Capital Management more than US$32 million, the Ministry of Justice said on Thursday , in a dispute stemming from the 2015 merger of two Samsung affiliates.

Mason Capital argued that its investors suffered damage as a result of government influence over the decision of South Korea's largest pension fund, the National Pension Service , to approve the US$8 billion merger of Samsung affiliates Samsung C&T and Cheil Industries in 2015. In the Mason Capital case, the PCA ordered the South Korean government to pay Mason Capital about US$11 million in fees and interest in addition to the US$32 million award, the justice ministry said.

 

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