President Lee Jae-myung on the 14th encouraged the Ministry of Justice in connection with the government's complete victory in an investor-state dispute settlement (ISDS) filed against Korea by Schindler Holding AG, the Swiss-headquartered elevator company.
On X that day, Lee linked an article covering our government's victory and wrote, "A compensation claim of about 325 billion won was dismissed, protecting the people's precious tax money."
He added, "I extend my deep gratitude to everyone at the Ministry of Justice who responsibly carried the difficult litigation through to the end," and stressed, "We will continue to do our utmost to protect the property of the nation and the people and to safeguard the national interest."
Earlier, Schindler filed an ISDS in 2018, claiming it suffered losses because the government neglected its duty to investigate and supervise during Hyundai Elevator's paid-in capital increases and the transfer of call options carried out from 2013 to 2015.
The arbitral tribunal of the Permanent Court of Arbitration (PCA) on the day dismissed in full Schindler's damages claim of about 325 billion won. The Korean government also became able to recover litigation expenses of about 9.6 billion won from Schindler.