Seoul rejects Elliott’s $20 mn claim against Samsung C&T

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Seoul rejects Elliott’s $20 mn claim against Samsung C&T - Korea Economic Daily

Quick Summary:

The Seoul Central District Court on Friday rejected Elliott’s claim that Samsung C&T owed it 26.7 billion won, the difference between the prices Samsung had paid to the US activist fund and to other shareholders opposing the two Samsung arms' combination to buy back their shares.

Elliott Investment Management Corp.has lost a lawsuit against Samsung C&T Corp.to seek a 26.7 billion won ($20.2 million) in compensation with connection with the latter's merger with Cheil Industries Corp.in 2015.

In February, the Seoul Central District Court cleared Samsung’s Lee of charges of illegal activities related to the Samsung C&T-Cheil Industries merger, which ended up tightening his grip over the world’s largest chipmaker Samsung Electronics Co.