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Newsletter | August 2014, Issue 3
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INTERNATIONAL ARBITRATION & CROSS-BORDER LITIGATION
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Korean companies’ first time wins in international arbitration: Post-M&A dispute under UNCITRAL rules and energy development dispute under ICC rules
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Win in an Ad-hoc Arbitration under UNCITRAL Arbitration Rules Related to Overseas Investment
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Kim & Chang represented a Korean company in a significant win in a dispute with the sellers under an acquisition agreement for a steel producing company in Southeast Asia in an ad-hoc arbitration under UNCITRAL Arbitration Rules.
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Despite the challenges faced by our team that (i) there was a risk of procedural delay given that the arbitration was an ad-hoc proceeding without the support of any arbitration institution; and (ii) the governing law of the dispute was the law of the country of the sellers, Kim & Chang was able to speedily bring about an agreement on the arbitration timetable with the opposing party and succeeded in winning on all counts with the help of local counsel. The Korean company was awarded the full amount of claimed damages.
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This is the first time a Korean company has won a post-M&A dispute related to an overseas investment through an ad-hoc UNCITRAL arbitration.
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Korean Company Wins in an ICC Arbitration Related to Overseas Energy Development
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Kim & Chang successfully represented a Korean company in an ICC arbitration initiated against an overseas oil developing company related to an oil exploration project in Central Asia.
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Kim & Chang successfully argued that the overseas business partner of the Korean company was in breach of its obligations under the parties’ joint development agreement for oil exploration in Central Asia. The Tribunal found in favor of the Korean company and awarded USD 16 million in damages, including half of its legal fees.
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This is the first time a Korean company has won a dispute concerning overseas energy development.
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