Korea’s attempts to cover for Samsung in its case against U.S. hedge fund Elliott Investment Management is drawing new attention to old problems.
Paul Singer, founder and president of Elliott Management Corp., speaks during the Bloomberg Invest Summit in New York, U.S., on Wednesday, June 7, 2017.Let’s add Barbara Streisand to the reasons why South Korea punches below its weight in global financial circles.
The case involves the 2015 internal merger of two Samsung affiliates. Last month, the Permanent Court of Arbitration in the Hague sided with Elliott’s claim that Korea’s National Pension Service okaying the $8 billion transaction involving Samsung C&T and Cheil Industries hurt investors. Elliott was a minority stakeholder in Samsung C&T and claims that the merger was done at an unfair price.
Instead Korea is digging in. Why? Perhaps it’s national pride or basic stubbornness. Perhaps it’s that politicians don’t want to let regulators bite the corporate hands that feed their reelection campaigns. Maybe Korea Inc. genuinely views the 2015 merger as appropriate. Whatever the answer, this saga alone is fodder for those who still view Korea in “developing” terms.’s Florida-based firm is there because of Korea’s incredible potential as an innovation and trade powerhouse.
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