Brookfield Asset Management said it will respond through proper procedures to a ruling by the Singapore International Arbitration Centre (SIAC) ordering it to return a 200 billion won deposit to Mirae Asset Global Investments in connection with the sale of the International Finance Center (IFC) in Yeouido, Seoul.
Brookfield said in a statement on the 31st that "SIAC sided with Mirae Asset Global Investments and issued a ruling to pay the return of the escrow deposit along with related expense and interest," but added, "Under the law, Brookfield will review the award and has up to three months to decide whether to apply to the Singapore court to set aside the award."
It continued, "Brookfield will respond through appropriate legal procedures after reviewing the award," emphasizing, "The decision contains long and complex content, and, for an SIAC award, very unusually includes a detailed and strong dissenting opinion and responses to it, so the review is expected to take time."
Brookfield said, "We take very seriously any public statements that mischaracterize our conduct or could damage our reputation," adding, "The company is reviewing Mirae Asset's recent public statements and is considering appropriate follow-up measures to protect our interests and ensure the record is accurately reflected."
Brookfield, a Canada-based asset manager, selected Mirae Asset Global Investments as the preferred bidder in 2021 to sell the Yeouido IFC and received a 200 billion won preliminary deposit. However, the real estate investment trust (REIT) that Mirae Asset Global Investments created to raise the acquisition funds was denied a business license by the authorities, scuttling the deal, and as Brookfield refused to return the deposit, alleging fault by Mirae Asset, the two sides went to court.
SIAC ruled on the 13th that Brookfield must return the deposit to Mirae Asset. SIAC arbitration is a single-instance system, and the case concluded with this award. In response, on the 29th, Mirae Asset Global Investments issued a statement expressing regret and concern, saying that Brookfield, the owner of the Yeouido IFC in Seoul, has not returned the deposit to the company despite the international litigation ruling.