The South Korean government announced on the 23rd that it has successfully overturned a previous arbitration ruling in its favor against Elliott Management Corporation, a US hedge fund. This arbitration dispute arose from Elliott's opposition to the merger between Samsung C&T and Cheil Industries, in which it was a shareholder. The fund had initiated the dispute in July 2018, arguing that the National Pension Service's vote in favor of the merger was improper, leading to an arbitration panel ruling in favor of Elliott in June 2023 that ordered the Korean government to pay approximately 69 billion won in damages.

In response to the arbitration decision, the South Korean government filed a lawsuit in a UK court to annul the ruling. The initial ruling on August 1, 2024, dismissed the government's request, prompting South Korea to appeal. The UK Court of Appeal later determined that the government's arguments were valid, leading to a reversal of the initial ruling and sending the case back to the original trial court. Subsequently, on the same day as the announcement, the UK trial court partially annulled the arbitration award, citing grounds for its cancellation and returning the case to arbitration proceedings.

The Korean government stated that it will thoroughly prepare for further issues such as the specifics of the annulment scope and the sharing of litigation costs. They also emphasized their commitment to prioritize national interests while preparing for potential appeals from Elliott Management, reflecting the complexity and high stakes involved in this international investment dispute.