U.S. hedge fund Elliott Management is launching legal action against the South Korean government,... saying Seoul unlawfully exerted influence during the merger of two Samsung units in 2015.
The merger of Samsung C&T and Cheil Industries came despite Elliott's protests,... as the deal was widely seen as a step to firm up Samsung's Vice Chairman Lee Jae-yong's grip on the family-controlled conglomerate.
Industry sources say Elliott handed a Notice of Intent to South Korea's Justice Ministry through the investor-state dispute settlement system.
Elliott claims the government unlawfully intervened in the merger process through the National Pension Service,... which held a more than eleven percent stake in Samsung C&T.