Content Join OGEMID
 
  • Linkedin
  • Twitter
  • Rss

Transnational Dispute Management

Skip navigation

Transnational Dispute Management

The network for international arbitration, mediation and ADR, international investment law and Transnational Dispute Management

Join OGEMID

Transnational Dispute Management

The network for international arbitration, mediation and ADR, international investment law and Transnational Dispute Management

  • Sign in
  • Subscribe
  • Home
  • Sign in
  • About About
    1. Home
    2. About
    3. About TDM
    4. About TDM
    5. Founding Editor T.W. Wälde
    6. T.W. Wälde
    7. Editorial team
    8. Editorial team
    9. Contributing Authors
    10. Contributing Authors
    11. Subscriptions
    12. Subscriptions
  • Journal Journal
    1. Home
    2. Journal
    3. Browse Issues
    4. Browse
    5. Articles by Category
    6. By Category
    7. Articles by Author
    8. By Author
    9. Advance publication
    10. Advance publication
    11. Specials
    12. Specials
    13. Search
    14. Search
    15. Book reviews
    16. Reviews
  • Legal & Regulatory docs. L & r docs
    1. Home
    2. Legal & Regulatory docs.
    3. L&R by Country
    4. L&R by Country
    5. L&R by Category
    6. L&R by Category
    7. L&R recent additions
    8. L&R recent additions
    9. Search
    10. Search
  • Audiovisual library AV library
    1. Home
    2. Audiovisual library
    3. Audiovisual Library
    4. Audiovisual Library
    5. TDM/OGEMID Interviews
    6. TDM/OGEMID Interviews
    7. Conference presentations
    8. Conference presentations
  • OGEMID OGEMID
    1. Home
    2. OGEMID
    3. About OGEMID
    4. About OGEMID
    5. Suggest a topic
    6. Suggest a topic
    7. Guest programme
    8. Guest programme
    9. Seminar programme
    10. Seminar programme
    11. Browse archive
    12. Browse archive
    13. Search
    14. Search
    15. Join
    16. Join
  • News & Events Events
    1. Home
    2. News & Events
    3. News
    4. News
    5. Events
    6. Events
  • Subscribe
Home > Legal & Regulatory docs.

Redacted v Korea - Notice of Intent To Submit Dispute To Arbitration Dispute Under the US-Korea Free Trade Agreement (KORUS FTA) - 14 January 2021

  • Sign in to download document
Country
  • Korea, Republic of
  • United States
Year

2021

Summary

I. PRELIMINARY STATEMENT OF INTENT

1. In accordance with Chapter 11 of the U.S. -- Korea Free Trade Agreement (the "KORUS FTA"), which went into effect on March 15, 2012 following ratification, [...] submits this Notice of Intent to Submit Dispute to Arbitration, as required by Article 11.16.2 of the KORUS FTA, and hereby gives you notice of the existence of a dispute between [...] on the one hand, and the Republic of Korea ("Korea"), on the other.

2. [...] hereby submits this Notice of Intent to Submit Dispute to Arbitration of his claim arising out of breaches of Chapter 11, Section A-B of the KORUS FTA. MED is a citizen of the United States and submits this Notice of Intent to Submit Dispute to Arbitration averring that Korea has breached its obligations under KORUS FTA Chapter 11, Section A, specifically Articles 11.5 and 11.6 and that [...] incurred loss or damage by reason of, or arising out of, said breaches.

3. Not only did Korea subject [...] foreign investment to expropriation, hut now is forcing him to accept an appraisal value that is unfair and way below the current market price.

4. It should come as no surprise to Korea that the destruction of a foreign investor's investment, without the payment of prompt, adequate, and effective relief is impermissible under international law. Notably, such treatment of a foreign investor is in plain violation of Article 11.6 of the KORUS FTA, which is the basis of which [...] intends to bring his arbitration claims against Korea.

5. [...] intends to bring this arbitration in a well-established and transparent forum, such as the International Center for Settlement of Investment Disputes (the "TCSID") in Washington, D.C., which is possible since Korea and the United States are parties to the Convention on the Settlement of Investment Disputes between States and Nationals of other States (the "ICSID Convention").

6. On the basis of Korea's breach of the KORUS PTA, our client is entitled to no less than $4,224,628.00 USD in damages in compensation on the basis of direct loss.

7. Although Korea claims that it respects the rule of law, and although it promotes itself as a safe destination for foreign investment, its treatment of [...] investment in Korea conclusively shows the perils of investing in the country. No one, and especially not a foreign investor contributing to the economic development and well being of Korea and its citizens, should be subjected to such treatment.

8. To date, a total of seven (7) Investor State Dispute Settlement cases have been filed against Korea through the United Nations, among which 57 percent of them were initiated recently, since 2018.1 This shows a sharp increase from two (2) cases in 2015.

9. We expect that the circumstances of [...] expropriation of his investment, even after his expression of objection, will, at the very least, serve as a cautionary tale for businessmen considering investing in Korea, and we expect any arbitral proceedings to be followed with great interest by other potential investors in the country.

10.Should Korea be unwilling to negotiate, please have no doubt that Korea will be facing its first international arbitration of 2021 brought on the basis of the KORUS FTA before the ICSID in Washington, D.C.

11.Our notice of dispute will begin by explaining the facts [...] case against Korea (II), before explaining why an investment arbitration tribunal has jurisdiction to rule on UNCTAD, Investment Dispute Settlement Navigator, Korea, Republic of, updated as of July 3 I, 2020, this dispute (III). It will then examine Korea's breaches (IV), prior to turning to the issue of the compensation [...] is seeking to repair his harm (V).

Real Estate, Building, Busan, South Korea, Redevelopment, Busan-Si Municipal Office, Busan Regional Construction And Management Administration (The "Brcma"), Korean Ministry Of Land Infrastructure And Transport ("Molit") Korus Fta, Arbitration, Redevelopment Union, Busan District Court, Investment Treaty, Foreign Investment Property, Foreign Investor, Financial Damages, Expropriation, Investment Treaty Arbitration.

To download this document you need to be a subscriber

Sign in

Forgot password?

Sign in

Subscribe

Fill in the registration form and answer a few simple questions to receive a quote.

Subscribe now

Documents missing? Documents to share? Let us know!

If you know of documents which are currently missing from our Legal & Regulatory database do let us know. You can send them directly to us for inclusion in the database, anonymously or otherwise.
Learn more here

Call for contributions

TDM Call for Papers: Old and New Disputes in Aerospace Law

Prof. Yun Zhao and Dr. J. Górski

  • Prof. ZHAO Yun
  • Dr. Jedrzej Gorski

TDM Call for Papers: The Future of Investment Law in Latin America

Dr. Sébastien Manciaux and Francisco Victoria-Andreu

  • Sebastien Manciaux
  • Francisco Victoria-Andreu

TDM Call for Papers: Islamic Finance and Dispute Resolution

Professor Dr A F M Maniruzzman

  • Professor Dr A F M Maniruzzman

Invitation to write: Overlap between Bankruptcy / Insolvency Proceedings and Arbitrations

TDM Editorial Team

Transnational Dispute Management

TDM Call for Papers: The African Continental Free Trade Agreement (AfCFTA)

J. Chaisse, J. Górski, E. Laryea, M.M. Mbengue, and K. Olaoye

  • Prof. Julien Chaisse
  • Dr. Jedrzej Gorski
  • Prof. Emmanuel Laryea
  • Prof. Makane Moïse Mbengue
  • Kehinde Olaoye

TDM Call for Papers: International Investment and Competition Law in AND with the Global South

Prof. Leila Choukroune and Anu Monga

  • Prof. Leila Choukroune
  • Anu Monga
  • More
  • Contribute

Advance publication

Impact Investment & Sustainable Development: Rethinking the Definition of Investment in African International Investment Agreements - An Outlier Perspective

17 Feb 2021

O. Omoyeni

  • O. Omoyeni

Relationship between the SADC Investment Agreement and National Investment Laws of SADC Member States: Perspectives from the Democratic Republic of Congo Investment Code

17 Feb 2021

K. Muzaliwa

  • K. Muzaliwa

International Arbitral Institutions Have Not Gone Far Enough in Issuing Reasoned Decisions on Adjudicated Administrative Matters

9 Feb 2021

J. Sherrett

  • J. Sherrett
  • More
  • Contribute

Stay connected

Sign up for our email alerts.

  • Issues
  • Advance publication
  • News
  • Linkedin
  • Twitter
  • RSS

Join the debate

Want to join OGEMID, the leading on-line discussion platform for international dispute resolution?

Simply fill in the registration form to start your trial membership.

Download the app

  1. App store
  2. Google play

The Transnational Dispute Management Journal (TDM, ISSN 1875-4120) and OGEMID listserv focus on recent developments in the area of (investment) arbitration and dispute management, regulation, treaties, judicial and arbitral cases, voluntary guidelines, tax and contracting. Read our Terms & Conditions here, and our Privacy Policy here.

About TDM

  • Terms & Conditions
  • Contribute
  • Subscriptions
  • Contact
  • Help

Other publications

  • Oil, Gas & Energy Law Intelligence (OGEL)

© 2004 - 2021. Published by MARIS.

  • Home
  • Contribute
  • Subscriptions
  • Contact
  • Help