Lone Star Funds, which is in litigation against the South Korean government at the International Centre for Settlement of Investment Disputes, suggested US$870 million as a concession.
The Ministry of Justice in Korea has created a team dedicated to settling investor-state disputes, in order to more actively and effectively respond to intricate international litigation.
Berjaya is to receive US$104.3 million and to withdraw the notice of intent that it submitted to seek investor-state dispute settlement arbitration for a sum of US$3.42 billion.
The government is apparently baffled by Lone Star Fund’s attempts to use Korean news outlets as a means of putting itself in a dominant position in its $4.68 billion legal battle against Seoul.
US private equity firm Lone Star Funds suggested it was open to “amicable and sensible” out-of-court option to settle the longstanding dispute with the Korean government.
As ministers of the member countries of the RCEP meet for final negotiations over the trade agreement this week, regional lawmakers today expressed concern about the lack of parliamentary and public oversight of the deal, as well as its potential human rights impacts.