South Korea has filed a suit to reverse an international tribunal's recent order to pay US$32 million in compensation to U.S. hedge fund Mason Capital over a controversial 2015 merger of two Samsung affiliates, officials said Thursday.The suit filed by the government is in response to the Permanent Court of Arbitration's (PCA) April ruling in an investor-state case that Mason lodged in 2018, demanding $200 million in compensation.Mason claimed damages due to what it alleged was the South Korean government's unfair intervention in favor of the merger of Cheil Industries Inc. and Samsung C and T Corp., in which the fund held a 2.18 percent share.Mason argued that the intervention resulted in the merger being conducted at undervalued prices for Samsung C and T due to the firm's falling stock prices.The justice ministry concluded that the PCA erroneously interpreted the conditions for jurisdiction recognition under the South Korea-U.S. free trade agreement, resulting in an unfair ruling. This constitutes reasonable grounds for canceling the ruling, a ministry official said."By addressing this legally flawed ruling, the government will do its best to prevent any outflow of national wealth," the official said.Source: Yonhap News Agency
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