론스타ㆍ한국정부간 ISD의 주요 내용과 쟁점

Lone Star Funds has requested to the ICSID an arbitration of its claim for damages suffered as a result of the Korean government’s interference with its rights as the major shareholder of Korea Exchange Bank. Also Lone Star Funds claims damage due to arbitrary and discriminatory taxation. Lone Star Funds claims that as a result of this conduct, Lone Star has suffered billions of Euros in damages. This is the first time Korea has been involved in an investor-state dispute resolution process under an investor-protection treaty. Such conduct by the Korean government is not in breach of Korea’s obligations to Belgian investors under the terms of the Agreement Between the Government of the Republic of Korea and the Belgium-Luxembourg Economic Union for the reciprocal Promotion and Protection of Investments. Under Korean law, however, any entity seeking to acquire a substantial stake in a Korean commercial bank must first receive approval from the Financial Supervisory Commission. Former shareholders and employees of Korea Exchange Bank Credit Service, the credit card unit of Korea Exchange Bank, have brought a lawsuit against Lone Star Funds, the majority shareholder of the Korea Exchange Bank. Paul Yoo, former head of Lone Star Advisor Korea and Lone Star Funds were sentenced guilty by a Korean Supreme Court. Legality issues in Investment Arbitration should be examined. More pertinent issues also remain to be solved. The other problem to be solved based on the suggested facts is whether there is a permanent establishment in Korea. We should prepare more technical analysis of ISD cases.