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The Korean government plans to seek an annulment proceeding of an international tribunal arbitration ruling that ordered the country to pay $216.5 million plus interest in damage compensation to Lone Star. The move comes in response to the U.S.-based private equity fund s annulment application submitted at the end of last month, asking the arbitration tribunal to cancel the ruling by the International Centre for Settlement of Investment Disputes (ICSID) last August.
U.S. private equity firm Lone Star Funds has filed an application to cancel an international tribunal s order for Korea to pay $216.5 million plus interest over its sell-off of a local bank, according to the justice ministry on Monday.
US private equity firm Lone Star has appealed against an arbitration decision made by an international tribunal that sentenced the South Korean government to pay Lone Star $216.02 million in damages over the sale of a commercial bank decades ago, the Justice Ministry said on Monday. The government was notified of the appeal from the World Bank's International Center for Settlement of Investment Disputes on Satur.