LSF-KEB HOLDINGS SCA v Republic of Korea - United States District Court for the District of Columbia Case No 1-23-cv-01911 - Petition to Enforce Arbitration Award - 30 June 2023
Country
Year
2023
Summary
NATURE OF THE PROCEEDING AND RELIEF SOUGHT
1. LSF-KEB brings this action pursuant to 22 U.S.C. § 1650a and Article 54 of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the "ICSID Convention"), which is attached hereto as Exhibit C, to enforce an arbitration award rendered in favor of LSF-KEB in LSF-KEB Holdings SCA et al. v. Republic of Korea, ICSID Case No. ARB/12/37. A certified copy of the Tribunal's August 30, 2022 Award, together with the Tribunal's subsequent May 8, 2023 Decision on Rectification that revised the amount of LSF-KEB's damages, is attached as Exhibit A (this will be collectively referred to as the "Final Award"). The Final Award imposed pecuniary obligations on the Republic of Korea ("Korea") in the amount of $216,018,682 in favor of LSF-KEB, plus interest on that amount at the average one-month U.S. Treasury rate from December 3, 2011 until the date of full payment, compounded annually. Exhibit A, Decision on Rectification at ¶¶ 23, 48; Exhibit A, Award at ¶ 948(e)(ii). As of June 26, 2023, LSF-KEB is entitled to $237,602,753.40 in principal and accrued interest.
2. Pursuant to Article 53 of the ICSID Convention, arbitral awards issued under the ICSID Convention are immediately binding on the parties to the arbitration--including, here, Korea. To date, Korea has not paid any portion of the Award.
3. Enforcement of the Award has not been stayed by the arbitral tribunal (the "Tribunal").
4. Pursuant to Article 54 of the ICSID Convention and 22 U.S.C. § 1650a, arbitral awards issued under the ICSID Convention are not subject to collateral attack (save for limited proceedings under the ICSID Convention itself). Such awards must be enforced and given the same full faith and credit as if the award were a final judgment of a court in the United States.
5. Accordingly, LSF-KEB requests that this Court: (1) enter an order recognizing the Final Award and enforcing it in the same manner as a final judgment issued by a court in the United States; (2) enter judgment in LSF-KEB's favor against Korea in the amount set forth in the Final Award, plus interest through the date of full payment, and the costs of this proceeding; and (3) award LSF-KEB such other and further relief as the Court may find just and proper.
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