President Lee Jae-myung avoids “stern response to unfair claims” after Chinese investor wins ISDS lawsuit
Quick Look
Regarding the confirmation of victory in the International Investment Dispute (ISDS) cancellation lawsuit against Chinese investor Min, President Lee Jae-myung said that even foreign investors cannot be protected for investments that violate Korean law and that he will respond firmly to unfair claims.
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Why It Matters
Chinese investor Minmo Jin filed an ISDS of $246.1 billion against the South Korean government after a failed illegal loan financing business.
“Even foreign investors are not protected for investments that violate Korean laws.”
(Seoul = Yonhap News) Reporter Ko Dong-wook = President Lee Jae-myung said on the 13th that the government's victory in the International Investment Dispute (ISDS) with Chinese investors was confirmed, saying, "We will continue to respond firmly to unfair claims in the future."
President Lee announced this news on
In addition, regarding the significance of this ruling, he pointed out that “foreign investors cannot be protected from investments that violate the laws of the Republic of Korea,” and that “this is a principle confirmed in international arbitration procedures by winning the ISDS cancellation procedure.”
The Ministry of Justice previously announced that the Cancellation Committee of the International Center for Settlement of Investment Disputes (ICSID) had rejected all applications for cancellation of the arbitration award by Chinese investor Min the previous day.
When Mr. Min failed in a business based on illegal loan funds and lost collateral, he passed the blame to the Korean government and filed an ISDS requesting 246.1 billion won, but he lost, and his application for cancellation was also dismissed.
Open Questions
- Whether the government is recovering legal costs
