Elliott said in a statement on Friday that it had submitted the matter to arbitration and asked the South Korean government to compensate for the loss in order to protect the Korean government's reputation among international investors. Elliott said that so far, the two sides are unable to resolve their differences.
Elliott said in the statement: 'Like all major economies, South Korea has no doubt that it does not want to be seen as hostile to foreign investors, especially considering that other economies in the Asia Pacific region are quickly becoming attractive investment destinations. '
The South Korean government also issued a separate statement saying that it has received this notice.
Elliott previously opposed the merger of Samsung's business, but failed in the proxy fight. The merger consolidated the control of the Samsung founder family to the group. After receiving support from the Korean National Pension Service (NPS), Samsung was weak. The advantage won the vote. Elliott said that the government had unfairly intervened in the course of the transaction, leading to a large-scale corruption scandal in the country.
NPS and Samsung stood together in the merger due to pressure from the president's office. Elliot was holding about 7% of Samsung's property. The company said that the company suffered because the former Korean government intervened in the acquisition. Huge loss.
Elliot said on Friday: 'Unfortunately, the former government is hostile to foreign investment, rather than embracing these investments, promoting domestic innovation and maintaining economic growth.'
Mason Capital Management, another Samsung investor, also submitted a statement to the South Korean government stating that the company lost about $175 million due to the actions of the former government.
Elliot encourages the Korean government to continue to fulfill its obligations to foreign investors, including paying damages, preventing future breaches, and taking steps to protect the founder family at the expense of investors.