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The American hedge fund Eliot Management is the largest shareholder of Samsung C & In during the merger, Park Geun-hyeh said that the government intervened illegally and sent damages to the Korean government, Eliot estimates that the losses and losses will be at least $ 770 million.
The press release
Eliot announced on December 12 that the government had been informed of the arbitration claiming compensation for damages caused by an illegal participation in the merger between Samsung C & T and Cheil Industries ("Merger" I sent a written request to the Republic of Korea.) Eliot's losses and losses are estimated at at least 770 million US dollars. July 12, 2014 is a step taken after an effort to resolve the dispute through negotiations following the notification of the complainant.
Eliot has invested in Samsung C & T for many years, paying attention to the potential of Samsung C & T before the merger.However, the former government of the Republic of Korea took steps to help Samsung's family members, when Eliot voiced opposition to the merger, which was expected to cause losses to its shareholders and other shareholders. The Government of the Republic of Korea clearly intervened in the merger for illegitimate and abusive reasons, as it specifically violated the Free Trade Agreement between the Republic of Korea and the United States of America. America.
In the context of criminal proceedings and other proceedings in the Republic of Korea, the prosecution of the former government of foreign nationals (the National Pension Corporation) It was found that Samsung and Lee Jae Yong have has made a significant financial gain in supporting Samsung's family members to the detriment of investors. This corruption incident resulted in the criminal trials and convictions of the South Korean courts against Samsung officials, the former Minister of Health and Welfare and the former National Directorate of Human Resources Management. pension funds, as well as the dismissal and demolition of President Park Geun-hye. This was not the only victim of seemingly unfair and unjust treatment. The fact that the Republic of Korea violated the domestic procedures of the National Pension so that it would vote for it despite the economic irrationality of the merger would have deprived the national pension of the public obligation of the Pension National to millions of retirees. This is also the fact that the National Fund has recently recognized by its own internal audit. Unless the plausible criticism of Eliot's merger was imposed by manipulating voting rights, Korean retirees would also have been protected without loss by the stronger interests of the former Samsung government and conglomerate.
It is unfortunate that the previous government has adopted a hostile attitude towards foreign investment instead of accepting it aggressively to promote innovation and economic growth in the country. Korea, like other economic powers, will never want to be considered a hostile country by foreign investors, especially as other countries in Asia and the Pacific emerge as destinations of the world. 39, investment attractive alternatives.
In order not to lose the confidence of its investors, the Government of the Republic of Korea has compensated the damage caused by the breach of its obligations under its investment agreement in the past. We must take active measures to prevent such violations in the future and respect the obligations of foreign investors with regard to investment agreements, for example by sacrificing investors and by acting on them. not like a shield for the chaebolmen. Keeping international credibility with investors is a crucial factor in attracting foreign investment and bringing Korea to a path of greater prosperity.
million. Eliot still hopes to settle the issue by agreement.
Elliott Management Corporation manages more than 35 billion US dollars of badets through two multi-investment strategy funds. . Elliott Associates, L.P., was founded in 1977 and is one of the deepest funds in history that has been run by the same executive of the same type of fund. Eliot invests in pensions, sovereign wealth funds, public funds, investment funds, investment management funds and business executives from around the world. Eliot has been able to enhance shareholder value in Korea based on a thorough understanding of the Korean market and its business structure.
Kim Ik-whan reporter [email protected]
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