The Ministry of Justice reveals the original Lone Star ISDS verdict… Guaranteed the public’s right to know

Justice Minister Han Dong-hoon holds a briefing on the decision of the Lone Star International Investment Dispute (ISDS) case on the 31st of last month. [사진=연합뉴스]

On the 28th, the entire judgment regarding the Investor-State Dispute Settlement (ISDS) case between the government and foreign private equity fund Lone Star was released.

The Ministry of Justice announced on the same day, “In order to guarantee the public’s right to know and to improve the transparency of the arbitration process, we will disclose the original text of the award as it is, except for the minimal content that cannot be disclosed under the law.”

On the 31st of last month, the arbitral tribunal of the International Investment Disputes Settlement Center ordered the Korean government to pay $216.5 million (about 280 billion won, based on the exchange rate of 1,300 won) to Lone Star.

Lone Star previously filed for international arbitration with the World Bank’s Center for the Settlement of International Investment Disputes (ICSID) on the grounds that the Korean government unfairly interfered in the sale of KEB in 2012 and suffered a loss of $4.679 billion (approximately 6.1 trillion won). has been raised

The government said that after the arbitral tribunal’s decision, the full text was released with Lone Star’s permission. The English verdict published this time contains 411 pages of A4 paper.

According to the ruling, the arbitration tribunal evaluated the Lone Star stock price manipulation case, which was found guilty, “by further developing the so-called ‘Eat and Run’ metaphor of Lone Star.

However, he explained that both sides should share the responsibility equally on the basis that the Korean financial authorities delayed approving the sale of KEB to avoid criticism from politicians and public opinion.

An official from the Ministry of Justice said, “In order to guarantee the public’s right to know, we will inform you promptly of the subsequent procedures, such as requests to cancel and stay execution in the future.”

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