President Lee Hails Government’s ISDS Win: "We Have Protected Taxpayers’ Money... Will Do Our Best to Safeguard the National Interest"

[The Financial News] President Lee Jae-myung of South Korea on the 14th expressed his gratitude to the Ministry of Justice of the Republic of Korea after the government won an Investor–State Dispute Settlement (ISDS) case brought by Switzerland-based elevator company Schindler Holding AG, with all of the company’s claims rejected.
Sharing a news article on X (formerly Twitter) that reported the government’s victory, President Lee wrote, "The claim for damages of about 325 billion won has been dismissed, and we have protected the people’s precious tax money."
He continued, "I extend my deep gratitude to all the officials at the Ministry of Justice of the Republic of Korea who responsibly carried this difficult lawsuit through to the end," adding, "We will continue to do our utmost to protect the assets of the state and the people and to safeguard the national interest."
Schindler Holding AG filed an ISDS case in 2018, claiming it suffered losses because the government allegedly neglected its duty to investigate and supervise during Hyundai Elevator’s paid-in capital increases carried out between 2013 and 2015.
However, the Ministry of Justice of the Republic of Korea announced on the same day that the arbitral tribunal of the Permanent Court of Arbitration (PCA) had dismissed all of Schindler’s claims.

cjk@fnnews.com Reporter Choi Jong-geun Reporter