Simpson Thacher clients the Hanwha Group and ORIX Corporation achieved a major victory in a widely-followed international arbitration against Korea Deposit Insurance Corporation (“KDIC”), an agency of the Korean government. The arbitration was conducted under the auspices of the ICC. American Lawyer named it as one of the top fifty contract disputes of 2007 and estimated the stakes to be $1.16 billion.
The arbitration concerned Hanwha’s acquisition of a majority stake in Korea Life Insurance (“KLI”), which was sold by KDIC in 2001. In the arbitration, Hanwha sought to enforce its option to purchase additional KLI shares, while KDIC refused the option and sought rescission of the sale of KLI. Following a ten day hearing in Vancouver involving testimony from sixteen fact and expert witnesses, the Tribunal issued a unanimous award in Hanwha’s favor.
The Simpson Thacher litigation partners on the trial team included Barry Ostrager, Jack Kerr, Rob Smit, Mary Beth Forshaw and Linda Martin. Corporate partners Jin Park and Youngjin Sohn provided invaluable assistance. Associates on the trial team included Kate Russum, Erika Burk, Bryce Pashler, Craig Waldman, Emily Kimball, Jon Krisbergh and Karen Won. Paralegals included Tim Lobdell, Cyrena Terricone, Steven Wilson, Jen Avila, and Christine Guida, as well as IT specialist Steven Guerra.