Latest development Oct 28, 2026
Korea’s Ministry of Justice said it will not challenge the remitted award and is discussing payment.
The award
- Amount awarded
- $48.49M plus 5% interest compounded yearly from July 16, 2015, and costs (award on the remitted issue, which keeps the principal of the June 2023 award)
- Current estimate
- Elliott puts the total with interest and costs at about $113M. Korean press reports about ₩153 billion.
- Award holder
- Elliott Associates, L.P.
- Respondent
- Republic of Korea
- Forum
- PCA Case No. 2018-51 · KORUS FTA · UNCITRAL · seat London
Challenges
The English High Court partially set aside the June 20, 2023 award on February 23, 2026, holding that the National Pension Service was not a state organ for this purpose, and remitted causation and relief to the tribunal. The same tribunal again found causation and awarded the same principal on September 30, 2026. On October 28, 2026, the Ministry of Justice said Korea would not seek to set aside the new award.
Enforcement
None reported. The Ministry of Justice said on October 28, 2026 that the payment method and amount were under discussion.
Recovered to date
None reported
Notes
Korea’s Ministry of Justice said on October 28, 2026 that it will not challenge the award and is discussing payment. The 2023 award was reported at the time as about $53.6M.