Korea wins final $280 million dispute against Chinese investor
The International Centre for Settlement of Investment Disputes (ICSID) has ruled in favor of South Korea, rejecting an annulment bid by a Chinese investor in a $280 million dispute. The ruling confirms Korea's victory and requires the investor to cover legal costs.
Why it matters
The decision reinforces the legal standing of sovereign states in international investment disputes and provides closure to a long-running financial case.
The ICSID rejected Min Fengzhen’s annulment bid, upheld Korea’s earlier victory and ordered the investor to cover legal costs.
Kang Jun-ha, the deputy minister of the International Legal Affairs Department at the Ministry of Justice, right, briefs reporters on the International Centre for Settlement of Investment Disputes’ decision rejecting Chinese investor Min Fengzhen’s annulment application, at the Seoul Government Complex in central Seoul, on Sept. 13. NEWS1 Korea has secured a final victory in a long-running investor-state dispute with a Chinese investor who sought hundreds of millions of dollars in damages over the seizure and sale of shares he had pledged as collateral for unpaid loans
The ruling not only upheld Korea’s earlier win but also blocked the investor from pursuing a second arbitration over the same dispute and ordered the investor to cover Korea’s legal costs.
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