SEOUL (Reuters) -The International Centre for Settlement of Investment Disputes (ICSID) has nullified its 2022 order that the South Korean government pay damages of $216.5 million plus interest to Lone Star Funds over the U.S. firm’s sale of Korea Exchange Bank, Prime Minister Kim Min-seok said on Tuesday.
In 2023 the South Korean government and Lone Star Funds sought the annulment of the order.
It was not clear why the private equity firm sought annulment of the ruling, but it had expressed disappointment in the amount ICSID ordered Seoul to pay after it sought payment of $4.68 billion in a claim it filed in November 2012.
Lone Star Funds did not immediately respond to a request for comment on Tuesday.
(Reporting by Jihoon Lee; Editing by Susan Fenton)
