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| While the elevator company Schindler submitted a letter of intent to the Korean government on Nov. 11, there is concern that successive ISDs from foreign capital are putting the government into danger. / The Fact DB |
Elliott, Mason, etc. … Fourth .. Schindler, Hyundai Group Selling the Korean Government's pursuit on the capital increase
[더팩트｜고은결 기자] Hyundai Group and Schindler, the world's second- The Dispute between investors and states caused a fire.Foreign capital filed a lawsuit against the South Korean government this year after US hedge fund Eliot Management in April, US hedge fund Mason Capital Management in June and Schindler earlier this month.
Some worry that successive ISDs of foreign capital are driving the Korean government as well as the government.
◇ Schindler – Hyundai Eli Leads to a Seven-Year Governmental Conflict
Schindler, a Swiss national manufacturer, has expressed his intention to negotiate an ISD against the Korean government on November 11th. Schindler, the second largest shareholder of Hyundai Elevator (Hyundai Eli), holds a 15.87% stake, claiming it's illegal for the financial oversight service to approve Hyundai's rights offering. Group. Hyundai Ely is one of the main subsidiaries of Hyundai Group.
ISD is a system where an investor who invests in a foreign country receives damages by arbitration in accordance with the dispute settlement procedures stipulated in the investment agreement if the foreign nation is injured by illegal or inappropriate measures. A letter of intent is a document submitted to inform the dispute before entering the complete ISD procedure. A full-fledged litigation process begins with an intervention letter filed and 90 days after the intervention.
Schindler is believed to have attempted to take over Hyundai Eli in 2011. Schindler is requesting a Hyundai Group rights offering from 2013 to 2015,
The product of the group's rights offering Hyundai aimed to defend its management rights, which Schindler claims to be illegal. In 2013, Schindler made a hostile takeover bid for Hyundai E & C and obtained a stake of up to 34%. As a result, Hyundai Group increased its stake to 50% by making a Hyundai E & C rights offering of 96.9 billion won.
This is not the first time that Schindler and Hyundai Group have sued. Schindler filed a lawsuit in 2014 when Hyundai Group entered into a derivative contract with Hyundai Merchant Marine through Hyundai E & C and suffered a loss of 700 billion won. Schindler, however, sued for the first time in 2016.
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