Three Crowns wins arbitration for Elliott

This case stems from the controversial 2015 merger of Samsung C&T and Cheil Industries. Recently, the tribunal issued its Further Award in the remitted proceedings, chaired by Dr Veijo Heiskanen and accompanied by Mr Oscar M. Garibaldi and Mr J. Christopher Thomas KC. The tribunal confirmed an award of approximately US$48.49 million damages to Elliott Associates, LP, first granted in 2023, along with interest and costs from the remitted phase, which Elliott estimates brings the total to around US$113 million.

The arbitration was initiated in 2018, operating under the 2013 UNCITRAL Arbitration Rules with London as its seat. Elliott received an original award in its favour in June 2023, but the Republic of Korea challenged this award on jurisdictional grounds according to section 67 of the Arbitration Act 1996. This led to extensive legal proceedings, first through the Commercial Court in 2024, followed by an appeal in 2025. The Commercial Court upheld the majority of the tribunal’s jurisdictional findings in March 2026, although it did set aside one aspect and remitted a related issue back for the tribunal's determination.

The Remitted Proceedings team at Three Crowns was led by Constantine Partasides KC from London and Dr Georgios Petrochilos KC from Paris. They were supported by Simon Consedine and Nicola Peart, both based in Washington, DC, along with Julia Sherman and Jyotsna Vilva from London. In the original arbitration, their team included Liz Snodgrass from Washington, DC, YiKang Zhang from Singapore, and Kelly Renehan from London. In response to the successful outcome, Constantine Partasides KC stated “This successful outcome is the product of eight years of teamwork, through an award, three rounds in the English courts and a remitted phase. We are grateful to Elliott for their confidence throughout, and to our colleagues in London, Paris and Washington for their sustained commitment. It was a pleasure also to work alongside our friends at Kobre & Kim and KL Partners.”

In the proceedings, Three Crowns collaborated closely with Kobre & Kim during both the remitted and original phases, while also working with KL Partners in the original case. This successful resolution reflects a culmination of effort and strategic legal collaboration over the past several years.