ROK Prevails in Annulment Proceeding of Chinese Investor 

‘Fengzhen Min’ ISDS Case

- Claimant’s Application for Annulment Dismissed in Its Entirety, Leaving Intact the Award 

in Korea’s Favor Rendered  Two Years  Ago -

- Successfully Defended Against the Damages Claims of Approximately KRW 2 Trillion Initially 

and KRW 264.1 Billion Ultimately -

    On September 12(Sat.), at around 05:25 a.m.(KST), in the annulment proceeding of the international investment dispute(ISDS) case filed with the International Centre for Settlement of Investment Disputes(ICSID) in 2020 by Chinese national Fengzhen Min (the “Claimant”), who brought a claim of approximately KRW 2 trillion against the Government of the Republic of Korea, the Committee dismissed the Claimant’s application for annulment in its entirety and ordered the Claimant to pay approximately KRW 1.5 billion (approx. USD 1.12 million) in legal costs incurred by the Republic of Korea in the annulment proceeding.

This case concerns an ISDS claim filed in August 2020 by the Claimant, who had established a company in Korea 

around 2007 and procured KRW 380 billion in PF loans from Korean financial institutions to acquire a building located 

in China. The Claimant alleged that ▴the civil litigation concerning the enforcement of security interests by the financial

institution following default on the loans (the sale of company shares), and ▴the investigations and criminal

proceedings concerning the provision of money, valuables or other benefits to executives or employees of the

financial institution during the loan process constituted violations of the Korea-China BIT.

<※ For more details, please refer to the attached file>