Mirae Asset Global Investments achieved a complete victory in a lawsuit against Brookfield Asset Management of Canada over the return of the IFC deposit.
According to the investment banking industry on October 13, the Singapore International Arbitration Centre (SIAC) upheld Mirae Asset Global Investments' claims in the dispute with Brookfield Asset Management regarding the return of the IFC deposit.
SIAC ordered Brookfield Asset Management to return the entire deposit of 200 billion won, as well as pay all delayed interest and arbitration-related costs.
Previously, in the second half of 2021, Brookfield Asset Management selected Mirae Asset Global Investments as the preferred bidder while pursuing the sale of IFC. However, the sale fell through when the Ministry of Land, Infrastructure and Transport denied approval for the REITs required for the IFC acquisition.
Brookfield Asset Management confiscated the deposit paid by Mirae Asset Global Investments, holding the company responsible for the failure to execute the contract due to the denial of REITs approval. Mirae Asset Global Investments then filed for arbitration with SIAC in Singapore, leading to the legal dispute.
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