US-based hedge fund Elliott lost a lawsuit seeking the return of approximately 26.7 billion KRW in agreed payments against Samsung C&T.
The Civil Division 22 of the Seoul Central District Court (Presiding Judge Choi Wook-jin) on the 27th dismissed Elliott's claim in the lawsuit against Samsung C&T for the return of agreed payments, ruling in favor of the defendant.
The court stated, "Any costs included in the principal amount of the stock purchase payment do not include delayed damages," and judged that "the plaintiff's claim for delayed damages is unfounded."
Earlier, during the 2015 merger process between Samsung C&T and Cheil Industries, Elliott, which held 7.12% of Samsung C&T shares, opposed the merger and filed a petition with the court for an adjustment of the stock purchase claim price. The petition requested a judgment on whether the stock purchase price was properly evaluated.
After losing in the first trial, Elliott appealed but suddenly withdrew the lawsuit and reached a confidential agreement with Samsung C&T. It is known that Elliott received approximately 72.4 billion KRW (65.9 billion KRW after tax deduction) in 2022. This fact was revealed belatedly during the 'Investor-State Dispute Settlement' (ISDS) process between the Ministry of Justice and Elliott in 2019.
However, at the end of October last year, Elliott filed an additional lawsuit against Samsung C&T, claiming there were unsettled delayed interest payments amounting to about 26.7 billion KRW. On the other hand, Samsung C&T argued that based on the settlement agreement, the 65.9 billion KRW already paid to Elliott should be considered to include all delayed interest as well.
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