Arbitral Digest

Matter

LSF-KEB Holdings SCA and others v. Republic of Korea (ICSID Case No. ARB/12/37)

Case no.
ARB/12/37
Applicable rules
ICSID Arbitration Rules in force as of April 2006
  1. 30 August 2022Arbitration

    30 August 2022Arbitration

    Final Award dated 30 August 2022

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal declined jurisdiction under the 1976 BIT, found jurisdiction under the 2011 BIT over claims concerning the Respondent's post-27 March 2011 acts or omissions, and dismissed the tax claims. The majority found a breach of the 2011 BIT's fair and equitable treatment obligation, awarded LSF-KEB USD 216.5 million in damages plus interest from 3 December 2011, divided arbitration costs equally, and ordered each side to bear its own representation costs.

    Supporting details

    3 authorities · 2 participants
    LSF-KEB Holdings SCA
    Republic of Korea
    International Centre for Settlement of Investment Disputes

    Authorities cited

    3
    • 1976 Agreement Between the Republic of Korea and the Belgium-Luxembourg Economic Union on the Encouragement and Reciprocal Protection of Investments (Agreement Between the Republic of Korea and the Belgium-Luxembourg Economic Union on the Encouragement and Reciprocal Protection of Investments, entered into force 3 September 1976)
      statute
    • 2011 Agreement Between the Government of the Republic of Korea and the Belgium-Luxembourg Economic Union for the Reciprocal Promotion and Protection of Investments (Agreement Between the Government of the Republic of Korea and the Belgium-Luxembourg Economic Union for the Reciprocal Promotion and Protection of Investments, entered into force 27 March 2011)
      statute
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States, entered into force 14 October 1966
      statute

    1 year, 2 months and 14 days later · 440 days

  2. 13 November 2023United States

    13 November 2023United States

    Order of the United States District Court for the District of Columbia dated 13 November 2023

    United States District Court for the District of Columbia

    Decision summary
    The court stayed the enforcement matter filed by LSF-KEB Holdings SCA against the Republic of Korea until termination of the stay of enforcement of the arbitration award.

    Supporting details

    2 participants
    LSF-KEB Holdings SCA
    Republic of Korea
    United States District Court for the District of Columbia

    1 month and 2 days later · 32 days

  3. 15 December 2023Arbitration

    15 December 2023Arbitration

    Decision on Stay of Enforcement of the Award dated 15 December 2023

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee continued the stay of enforcement of the Award without security or other conditions until it rendered its decision on the Parties' annulment applications, and reserved costs for that decision.

    Supporting details

    6 authorities · 8 participants
    LSF-KEB Holdings SCA
    Representative
    Alexandrov (For: LSF-KEB Holdings SCA)
    Republic of Korea
    Representative
    Ware (For: Republic of Korea)
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Lawrence Boo
    Arbitrator
    Doug Jones
    Arbitrator
    Eva Kalnina
    Tribunal secretary
    Alex B. Kaplan

    Authorities cited

    6
    • 1976 Agreement Between the Republic of Korea and the Belgium-Luxembourg Economic Union on the Encouragement and Reciprocal Protection of Investments (Agreement Between the Republic of Korea and the Belgium-Luxembourg Economic Union on the Encouragement and Reciprocal Protection of Investments, entered into force 3 September 1976)
      statute
    • 2011 Agreement Between the Government of the Republic of Korea and the Belgium-Luxembourg Economic Union for the Reciprocal Promotion and Protection of Investments (Agreement Between the Government of the Republic of Korea and the Belgium-Luxembourg Economic Union for the Reciprocal Promotion and Protection of Investments, entered into force 27 March 2011)
      statute
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States, entered into force 14 October 1966
      statute
    • Continental Casualty v. Argentina (ICSID Case No. ARB/03/9, Decision on Stay of Enforcement, 23 October 2009)
      case law
    • Masdar Solar & Wind Cooperatief U.A. v. Kingdom of Spain (ICSID Case No. ARB/14/1, Procedural Order No. 3 (Decision on Stay of Enforcement), 20 May 2020)
      case law
    • OI European Group B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/11/25, Decision on Stay of Enforcement, 4 April 2016)
      case law

Matter record

Report a correction

LSF-KEB Holdings SCA and others v. Republic of Korea (ICSID Case No. ARB/12/37) · Matter