Case Details
LSF-KEB Holdings SCA and others v. Republic of Korea (ICSID Case No. ARB/12/37)
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Banking enterprise, engineering and construction services and commercial real estate
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Finance
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BIT Korea, Republic of - Belgium-Luxembourg 1974
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ICSID Convention - Arbitration Rules
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Lone Star Capital Investments S.ár.l. (Luxembourg), LSF SLF Holdings SCA (Belgian), Kukdong Holdings II SCA (Belgian), HL Holdings SCA (Belgian), Star Holdings SCA (Belgian), LSF-KEB Holdings SCA (Belgian), Kukdong Holdings I SCA (Belgian), Lone Star Capital Management SPRL (Belgian)
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Republic of Korea (Korean)
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December 10, 2012
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May 10, 2013
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Ian BINNIE (Canadian) - Appointed by the Parties
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Charles N. BROWER (U.S.) - Appointed by the Claimant(s)
Brigitte STERN (French) - Appointed by the Respondent(s) -
V.V. VEEDER (British) - Appointed by the Parties
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Charles N. BROWER (U.S.) - Appointed by the Claimant(s)
Brigitte STERN (French) - Appointed by the Respondent(s) -
June 22, 2020: Ian BINNIE (Canadian) appointed following the resignation of V.V. VEEDER (British)
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KL Partners, Seoul, Korea
Shin & Kim, Seoul, Korea
Sidley Austin, Washington, D.C., U.S.A.
Stanimir A. Alexandrov, Washington, D.C., U.S.A. -
Ministry of Justice, International Legal Affairs Division, Korea
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English
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Concluded
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August 30, 2022 - The Tribunal renders its award; attached to the award is a concurring opinion by arbitrator Charles N. Brower and a dissenting opinion by arbitrator Brigitte Stern.
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Respondent(s)
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October 19, 2022 (Respondent(s))
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Stanimir A. Alexandrov, Washington, D.C., U.S.A.
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Ministry of Justice, International Legal Affairs Division, Korea
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Concluded
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May 8, 2023 - The Tribunal issues a decision on the rectification of the award.
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Claimant(s)
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August 7, 2023
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Stanimir A. Alexandrov, Washington, D.C., U.S.A.
MCarlson Arbitration, Washington, D.C., U.S.A.
Sidley Austin, Washington, D.C., U.S.A
KL Partners, Seoul, Korea -
Ministry of Justice, International Legal Affairs Division, Republic of Korea
Arnold & Porter, Washington, D.C., U.S.A.
Bae, Kim & Lee, Seoul, Republic of Korea
Peter & Kim, Seoul, Republic of Korea -
English
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Pending
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August 7, 2023 -
The Secretary-General registers an application for partial annulment of the award filed by LSF-KEB Holdings SCA and others.
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Respondent(s)
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September 12, 2023
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KL Partners, Seoul, Korea
Shin & Kim, Seoul, Korea
Sidley Austin, Washington, D.C., U.S.A. -
Ministry of Justice, International Legal Affairs Division, Korea
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English
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Pending
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September 12, 2023 -
The Secretary-General registers an application for partial annulment of the award filed by the Republic of Korea, and notifies the parties of the provisional stay of enforcement of the award.
(a) Original Proceeding
Composition of Tribunal
Initial Composition of Tribunal
Party Representatives
(b) Rectification Proceeding
Party Representatives
(c) Annulment Proceeding
Party Representatives
(d) Second Annulment Proceeding
Party Representatives
(a) Original Proceeding
Date | Development |
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December 10, 2012 | The Secretary-General registers a request for the institution of arbitration proceedings. |
January 22, 2013 | Following appointment by the Claimants, Charles N. Brower (U.S.) accepts his appointment as arbitrator. |
February 12, 2013 | Following appointment by the Respondent, Brigitte Stern (French) accepts her appointment as arbitrator. |
May 9, 2013 | Following appointment by agreement of the parties from a proposed list provided by the co-arbitrators, V.V. Veeder (British) accepts his appointment as presiding arbitrator. |
May 10, 2013 | The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: V.V. Veeder (British), President, appointed by agreement of the parties from a proposed list provided by the co-arbitrators; Charles N. Brower (U.S.), appointed by the Claimants; and Brigitte Stern (French), appointed by the Respondent. |
June 14, 2013 | The Tribunal holds a first session by telephone conference. |
July 8, 2013 | The Tribunal decides on procedural matters. |
October 15, 2013 | The Claimants file a memorial on the merits. |
October 22, 2013 | The Tribunal issues Procedural Order No.1 concerning procedural matters. |
November 12, 2013 | The Respondent files a request to address the objections to jurisdiction as a preliminary question. |
November 27, 2013 | The Claimants file observations on the request to address the objections to jurisdiction as a preliminary question. |
December 23, 2013 | The Tribunal issues a decision on Respondent's request to address the objections to jurisdiction as a preliminary question. |
March 21, 2014 | The Respondent files a counter-memorial on jurisdiction and the merits. |
May 2, 2014 | The Tribunal issues Procedural Order No. 2 concerning the procedural calendar. |
June 17, 2014 | The Tribunal issues Procedural Order No. 3 concerning production of documents. |
July 14, 2014 | The Tribunal issues Procedural Order No. 4 concerning production of documents. |
August 27, 2014 | The Tribunal issues Procedural Order No. 5 concerning the confidentiality of information. |
September 19, 2014 | The Tribunal issues Procedural Order No. 6 concerning the procedural calendar. |
September 25, 2014 | The Tribunal issues Procedural Order No. 7 concerning procedural matters. |
October 1, 2014 | The Claimants file a reply on jurisdiction and the merits. |
January 5, 2015 | The Tribunal issues Procedural Order No. 8 concerning procedural matters. |
January 21, 2015 | The Tribunal issues Procedural Order No. 9 concerning production of documents. |
January 23, 2015 | The Respondent files a rejoinder on jurisdiction and the merits. |
March 12, 2015 | The Tribunal issues Procedural Order No. 10 concerning procedural matters. |
March 31, 2015 | The Claimants file further observations on jurisdiction. |
April 30, 2015 | The President holds a pre-hearing organizational meeting with the parties by telephone conference. |
May 12, 2015 | The Tribunal issues Procedural Order No. 11 concerning production of documents. |
May 15, 2015 - May 22, 2015 | The Tribunal holds a hearing on the merits in Washington, D.C. |
May 18, 2015 | The Tribunal issues Procedural Order No. 12 concerning production of documents. |
May 27, 2015 | The Tribunal issues Procedural Order No. 13 concerning procedural matters. |
June 18, 2015 | The Tribunal issues Procedural Order No. 14 concerning procedural matters. |
June 29, 2015 - July 7, 2015 | The Tribunal holds a hearing on the merits in Washington, D.C. |
November 30, 2015 | A non-disputing party files an application to file a written submission pursuant to ICSID Arbitration Rule 37(2). |
December 11, 2015 | Each party files observations on the non-disputing party’s application. |
December 21, 2015 | The Tribunal issues Procedural Order No. 15 concerning the non-disputing party’s application to file a written submission pursuant to ICSID Arbitration Rule 37(2). |
January 5, 2016 - January 7, 2016 | The Tribunal holds a hearing on jurisdiction in The Hague. |
April 7, 2016 | The Tribunal issues Procedural Order No. 16 concerning procedural matters. |
June 2, 2016 - June 3, 2016 | The Tribunal holds a hearing on the merits in The Hague. |
July 29, 2016 | Each party files a statement of costs. |
August 1, 2016 | The Tribunal issues Procedural Order No. 17 concerning procedural matters. |
August 15, 2016 | Each party files a reply statement of costs. |
December 18, 2018 | The non-disputing party files a further application to file a written submission pursuant to ICSID Arbitration Rule 37(2). |
February 11, 2019 | The Tribunal issues Procedural Order No. 18 concerning procedural matters. |
February 28, 2019 | Each party files observations on the non-disputing party’s further application. |
April 8, 2019 | The Tribunal issues Procedural Order No. 19 concerning the non-disputing party’s further application to file a written submission pursuant to ICSID Arbitration Rule 37(2). |
April 15, 2019 | The Tribunal issues Procedural Order No. 20 concerning procedural matters. |
May 22, 2019 | The Tribunal issues Procedural Order No. 21 concerning procedural matters. |
May 29, 2019 | The Tribunal issues Procedural Order No. 22 concerning procedural matters. |
June 12, 2019 | The Tribunal issues Procedural Order No. 23 concerning procedural matters. |
July 19, 2019 | The Tribunal issues Procedural Order No. 24 concerning procedural matters. |
January 15, 2020 | The Tribunal issues Procedural Order No. 25 concerning procedural matters. |
March 5, 2020 | Following the resignation of arbitrator V.V. Veeder, the Secretary-General notifies the parties of the vacancy on the Tribunal and the proceeding is suspended pursuant to ICSID Arbitration Rule 10(2). |
June 22, 2020 | Following the resignation of arbitrator V.V. Veeder, Ian Binnie (Canadian) accepts his appointment as arbitrator, appointed by his co-arbitrators in accordance with ICSID Arbitration Rule 11(1). |
June 22, 2020 | The Tribunal is reconstituted. Its members are: Ian Binnie (Canadian), President, appointed by agreement of the parties; Charles N. Brower (U.S.), appointed by the Claimants; and Brigitte Stern (French), appointed by the Respondent. The proceeding is resumed pursuant to ICSID Arbitration Rule 12. |
October 14, 2020 - October 15, 2020 | The Tribunal holds a hearing by video conference. |
June 28, 2022 | The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1). |
August 30, 2022 | The Tribunal renders its award; attached to the award is a concurring opinion by arbitrator Charles N. Brower and a dissenting opinion by arbitrator Brigitte Stern. |
(b) Rectification Proceeding
Date | Development |
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October 19, 2022 | The Secretary-General registers a request for rectification of the award filed by the Republic of Korea. |
November 21, 2022 | LSF-KEB Holdings SCA and others file observations on the Republic of Korea’s request of October 19, 2022. |
April 18, 2023 | Each party files a submission on costs. |
May 8, 2023 | The Tribunal issues a decision on the rectification of the award. |
(c) Annulment Proceeding
Date | Development |
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August 7, 2023 | The Secretary-General registers an application for partial annulment of the award filed by LSF-KEB Holdings SCA and others. |
(d) Second Annulment Proceeding
Date | Development |
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September 12, 2023 | The Secretary-General registers an application for partial annulment of the award filed by the Republic of Korea, and notifies the parties of the provisional stay of enforcement of the award. |