South Korea ordered to pay Elliott $48.49 million in Samsung merger case

FILE PHOTO: An employee walks past a logo of Samsung C&T Corp at the company's headquarters in Seoul, South Korea, July 16, 2015. Win or lose in its bid to derail an $8 billion Samsung Group merger on Friday, U.S. hedge fund Elliott Associates is likely to remain an irritant for the biggest of South Korea's powerful conglomerates. Even if construction firm Samsung C&T Corp secures the two-thirds of shares voted on Friday needed for a buyout offer from sister company Cheil Industries, Elliott shows no sign of going away. The fund is widely expected to continue challenging Samsung with lawsuits as a shareholder that would have more than 2 percent of the merged firm. REUTERS/Kim Hong-Ji/File Photo

SEOUL, ⁠Oct 1 (Reuters) - South ⁠Korea has been ‌ordered to pay US hedge fund ​Elliott about $48.49 million ⁠plus ⁠interest after a tribunal ⁠ruled ‌the government's involvement ⁠in the 2015 merger ​of ‌Samsung C&T and ⁠Cheil ​Industries was causally linked ⁠to Elliott's losses, ​Seoul's Justice Ministry said on Thursday.

The remand ⁠tribunal upheld the same damages award as ​the ⁠original arbitration, according ​to the ‌ministry.

(Reporting by ​Kyu-seok ShimEditing by Ed Davies)