The Ministry of Justice is establishing a dedicated organization for international investment disputes (ISDS) with overseas capital to enhance its response capabilities.
Minister of Justice Han Dong-hoon is announcing follow-up measures related to the Elliott International Investment Dispute Settlement (ISDS) case ruling at the Government Seoul Office Annex on the 18th. [Photo by Yonhap News]
On the 26th, the Ministry of Justice announced plans to establish the International Legal Affairs Bureau through the "Partial Amendment to the Enforcement Rules of the Organization of the Ministry of Justice and Its Affiliated Agencies," published in the official gazette.
The International Legal Affairs Bureau will support legal reviews related to international legal affairs of central administrative agencies and strengthen ISDS prevention functions. It will consist of a total of 8 staff members, including one prosecutor or senior public official, one grade 4 official or prosecutor, four grade 5 officials, one grade 6 official, and one grade 7 official.
The Ministry of Justice also included in the amendment a plan to increase five personnel needed for records management and twelve nursing staff for the National Legal Medical Hospital, and to transfer the supervision and guidance of the North Korean Human Rights Records Preservation Office, previously handled by the Director of the Human Rights Bureau, to the Director of the Legal Affairs Office. The public notice period is until the 31st of this month.
Meanwhile, a total of 10 ISDS cases have been filed against the Government of the Republic of Korea to date. On the 18th, the government filed an appeal against the ruling by the Permanent Court of Arbitration (PCA) ordering payment of approximately 138.9 billion KRW to the US-based hedge fund Elliott. The government is also considering whether to file a cancellation lawsuit against the ruling by the International Centre for Settlement of Investment Disputes (ICSID) ordering payment of 292.5 billion KRW to Lone Star. Five cases, including a $200 million (approximately 256.5 billion KRW) case filed by Mason Capital in 2018 challenging the Samsung C&T and Cheil Industries merger process, and a $190 million (approximately 244.7 billion KRW) case filed by elevator company Schindler Holding AG, are currently awaiting arbitration tribunal decisions.
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