8.g (elliott associates, l.p.) - italaw · elliott associates, l.p. c/o the corporation trust...
TRANSCRIPT
1
. . (ELLIOTT ASSOCIATES, L.P.)
,
2018 7 12
2
I. ......................................................................................................................... 3
II. ..................................................................................................................... 6
A. ....................................................................................................... 6
B. ................................................................................................... 7
III. ........................................................................................... 12
A. ....................................................... 12
B. ........................................................................................... 13
C. ......................................... 17
D. ................................................................................................. 36
E. ................................................................................................. 40
IV. ............................................................................................... 43
A. ............................. 43
B. ..................................... 44
C. ..................................................................................... 44
V. FTA ...................................................................... 46
A. 11.5 ....................................................................................... 46
B. 11.3 ....................................................................................... 51
C. ........................................................................................ 54
VI. ................................................................................................... 55
A. .......................................................................... 55
B. ............................................................................ 55
C. ................................................................................................ 56
D. ............................................................................................ 56
E. ............................................................................................ 56
VII. ............................................................................................................. 56
3
I.
1. . .( “ ” “ ”)
( “ ” “ FTA”) 1
2013 ( “UNCITRAL”) (
“UNCITRAL ”) ( “ ”
“ ”) .
11.16 2 2018. 4. 13.
.2
, .
2. ,
( “ ”) ( “ ”) 2
2015. 9. 1. ( “ ”)
.
.
3. , (
“ ”)
.
, ‘ ’
.
1 2012 3 15 , 1 11 . Exh C-1.
2 2018. 4. 13. ( ), Exh C-2.
4
4.
,
11,125,927 7.12% .
,
.
5.
.
,
.
,
.
.
6. ( “ ”)
.
.
11.21%
.
7. ( )
.
5
,
,
.
,
.
8. ,
770,000,000
. FTA
.
9.
,
.
,
.
6
II.
A.
10. limited partnership
( 2099701) .
.
.
11. :
Elliott Associates, L.P. c/o The Corporation Trust Company Corporation Trust Center 1209 Orange Street Wilmington, DE 10901 United States of America
12. (Three Crowns
LLP), (KL Partners) (Kobre &
Kim LLP) , :
Three Crowns LLP Constantine Partasides QC Elizabeth Snodgrass Amelia Keene Nicola Peart New Fetter Place 8-10 New Fetter Lane London EC4A 1AZ United Kingdom Tel: +44 20 3530 7999 Email: [email protected] [email protected] [email protected] [email protected] KL Partners
7
Beomsu Kim Byungsup Francis Shin 7th Floor, Tower 8 7 Jongro 5 gil, Jongro-gu Seoul 03157 Republic of Korea Tel: +82 2 6226 7701 Email: [email protected] [email protected] Kobre & Kim LLP Michael S. Kim Andrew Stafford QC Tower 42 25 Old Broad Street London EC2N 1HQ United Kingdom Tel: +44 20 3301 5700 Email: [email protected] [email protected]
13. .
B.
14. .
15. ,
:
a. : , 3 ,
24 4
3 2017. 3. 10. “[ ] ”, Exh C-64; (The Guardian) 2017. 3. 10. , “Park Geun-hye: South Korean court removes president over scandal ( : )”, Exh C-63.
4 . (The Korea Herald) 2018. 4. 6. , “Park Geun-hye sentenced to 24 years in prison (
24 )”, Exh C-82; (The Wall Street Journal) 2017. 3. 30. , “Former South Korean President Park Geun-hye Is Arrested In Corruption Probe (
, ”, Exh C-65 .
:
“Park Geun-hye: ( :
“Park Geun-hye (
Park Geun-hye (
8
11.1 3
( “ILC ”)5
4 .
b. : 11.1 3
ILC 4
.
c. :
11.1 3
ILC 4 .
. 6
5 , (ILC ), ILC 2001/II(2), 26, Exh CLA-17. ILC 2001 8 , (2002 1 28
) 56/83, 2001 12 12 A/56/49(Vol.1)/Corr.4 . ,
ILC . ILC
,
. : Flemingo DutyFree Shop Private Limited v. Republic of Poland (UNCITRAL), 2016. 8. 12. , Exh CLA-5 420 ; Clayton and Bilcon of Delaware Inc. v. Government of Canada (PCA Case No. 2009-04), 2015. 3. 17. , Exh CLA-3 307 ; Gustav F W Hamester v. Republic of Ghana (ICSID Case No. ARB/07/24), 2010. 6. 18.
, Exh CLA-6 171 ; Jan de Nul N.V. and Dredging International N.V. v. Arab Republic of Egypt (ICSID Case No. ARB/04/13), 2008. 11. 6. , Exh CLA-7
155-157 . 6 / 2017. 6. 8. 2017 34, 183( ) ,
Exh C-69 2 ; / 2017. 11. 14. 2017 1886 , Exh C-79 2 . (Reuters) 2017. 6. 8. , “Former South Korean minister
jailed over role in Samsung merger: Yonhap ( : )”, Exh C-68; (The Korea Herald) 2017. 11. 14. , “Appeals court upholds jail term for ex-health minister involved in Park scandal (
)”, Exh C-78; (The New York Times) 2016. 12. 31. , “Korean Officials Charged With Illegally Swaying Samsung Merger Vote (
)”, Exh C-59.
////
Park (
9
.7 ,
,
.
d. :
.
18 60 2,100
.
, “
” 8 . , 11.1 3
ILC 4
.
11.1 3
ILC 5
.9
e. , :
“ ”
.
7 (2018. 6. 20.), Exh C-77, 2 , 24 102 . 8 (2015. 6. 9.), Exh C-22 4 3 . 9 Flemingo DutyFree Shop Private Limited v. Republic of Poland (UNCITRAL), 2016. 8.
12. , Exh CLA-5 439 . ILC 8 . ILC , Exh CLA-17 8 .
,
,
:
10
. 10
. 11
.
16. / 11.1 3
“ ” .
17. 11.27 11-
:
18.
:
Lee & Ko Sungwoo Lim Hanjin Building 63 Namdaemun-ro, Jung-gu Seoul 04532 Republic of Korea Tel: +82-2-772-4000 Email: [email protected] Freshfields Bruckhaus Deringer Nicholas Lingard
10 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69 2 ; / 2017. 11. 14. 2017 1886
, Exh C-79 2 . ·
. . , (The Korea Herald) 2017. 11. 14.
, “Appeals court upholds jail term for ex-health minister involved in Park scandal ( )”, Exh C-78 .
11 - 2018. 6. 21. , Exh C-84. 2018. 7. 5.
.
//
Park (
//
11
10 Collyer Quay 42-01 Ocean Financial Centre Singapore 049315 Tel: +65 6908 0796 Email: [email protected]
12
III.
A.
19. 2003 15 .
7.12%
11,125,927
.
20.
.
.
,
12
,
.
,
.
21.
.13
12 , (UBS) 2015. 7. 3. “ : ISS, . ”, Exh C-31, 3 ; ( ) 2015. 4. 24.
“ , 1 ”, Exh C-13 1-2 . 13 ( ) (Elliott Advisors (HK) Ltd.)
2015. 2. 4. , Exh C-11.
13
B.
22. 2015 5 26 , ,
. 14 “ [ ]
” , “ , , , ,
” 15 .
.
23. 2014 5 ,
. 16
.
.
. 17
.
14 2015. 5. 26. “ ”, Exh C-17. 15 2015. 5. 26. “ ”, Exh C-17
2 . 16 (The Wall Street Journal) 2014. 5. 11. , “Samsung Electronics Chairman
Lee Kun-hee Has Heart Attack ( , )”, Exh C-3 . 17 ISS 2015. 7. 3. (Special Situations Research), “SC&T: proposed merger with
Cheil Industries ( : )”, Exh C-30 10 ; MK 2014. 5. 19. , “ . . . ( )
”, Exh C-5; 2014. 5. 15. , “ ”, Exh C-4; (The Wall Street Journal) 2014. 5. 11. , “Samsung Electronics Chairman Lee Kun-hee Has Heart Attack ( , )”, Exh C-3.
Lee Kun-hee ,
Lee Kun-hee -hee ,
14
24. 2014 9 ,
. 18
2014 11 . 19
6.59% 5.91%
,
. 20
,
,
.
25.
. 21 2015 7.2%
, 19%
. ,
4.06%
.
( ),
16.5% ,
18 (Reuters) 2014. 9. 1. ,“Samsung Heavy to absorb Samsung Engineering for $2.5 billion ( , 25 )”, Exh C-6.
19 (The Korea Times) 2014. 11. 19. ,“Samsung Heavy, Engineering merger aborted ( , )”, Exh C-8.
20 (The Korea Times) 2014. 11. 19. ,“Samsung Heavy, Engineering merger aborted ( , )”, Exh C-8 2 .
21 (The Wall Street Journal) 2015. 5. 26. , “Samsung Heir Apparent Jay Y Consolidates Power With Merger ( ,
)”, Exh C-14; (The Economist) 2015. 7. 9. , “Reconstructing Samsung( )”, Exh C-36; 2015. 5. 26. , “ -
... ”, Exh C-15; 2015. 1. 6. , “ , ”, Exh-C-9; 2015. 1. 6. ,
“ - ?”, Exh C-10; 2014. 9. 5. , “ : ‘ ’”, Exh C-7;
Jay Y,
“
15
11.3%
.
1: · 22
( )
( )
( )
1.37% 3.44% 2.86%
- 23.23% 16.54%
- 7.74% 5.51%
- 7.74% 5.51%
26.
( “
”) .
0.3500885 1 ; ,
1 ( “ ” ) 0.35
. 23
, 1
.
,
.24
22 2015. 6. 30. , ( 466 ), Exh C-27; DART( ) 2015. 10. 26. , “ ”. Exh C-52 1-2 .
(DART; Data Analysis, Retrieval and Transfer System) .
23 DART( ) 2015. 5. 26. , “ ”, Exh C-16 1 ; 2015. 5. 26. “ ”,
Exh C-17. 24 2016. 5. 30. 2016 20189, 20190( ), 20192( ) , Exh C-53 13-
14 ; / 2017. 11. 14. 2017 1886 , Exh C-79 8 ; / 2017. 6. 8. 2017 34, 183( )
, Exh C-69 3 .
////
16
27.
.
,
,
.
( )
.25
.
28. ,
.
,
. , 2015 5 13 20
,
. 26 2014
2015
.27
25 ISS 2015. 7. 3. (Special Situations Research), “SC&T: proposed merger with Cheil Industries ( : )”, Exh C-30 2, 19 ; 2015. 6. 12. , “ ? → ‘ + ’ ”, Exh C-24.
26 2015 7 . 2015. 7. 28. , Exh C-48, 1 .
27 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69 3-4 .
//
17
,
.28
29.
.
29
.
, 2015 6 4
.30
30.
, , ,
.
C.
31. .
. 31
28 (Bloomberg) 2015. 7. 2. , “Samsung Group is Doing a Cozy Merger ( .)”, Exh C-28; 2015. 6. 9. , “5 · … ”, Exh C-21;
2015. 5. 27. , “ ”, Exh C-18. 29 , 2015 7 3 ( )
Institutional Shareholder Services 1:0.95 . ISS 2015. 7. 3.
(Special Situations Research), “SC&T: proposed merger with Cheil Industries ( : )”, Exh C-30 . Glass Lewis
. 2015. 7. 17. Glass Lewis , “ ”, Exh C-43 . 2015. 7. 8. , “ ”, Exh C-34 .
30 2015. 6. 4. , Exh C-20. 31 . (2017. 6.
28.), Exh C-56 5 . (2018. 6. 20.), Exh C-77 24 102 .
18
, ,
.
.
.32
.33
,
:
‘ ’
4 [ , , ] ‘ ’
.34
32.
11.21% . ,
,
“ ”
32 (2015. 6. 9.), Exh C-22 4 5 ; / 2017. 6. 8. 2017 34, 183( ) , Exh C-69 2 ; 2015
2015. 9. 14. , Exh C-50 55 , 62 . 33
. Clayton and Bilcon of Delaware Inc. v. Government of Canada (PCA Case No. 2009-94) 2015. 3. 17. , Exh CLA-3 308 (“
”) .
34 / 2017. 11. 14. 2017 1886 , Exh C-79 75 ; / 2017. 6. 8. 2017 34, 183( )
, Exh C-69 2 ; (2015. 6. 9.), Exh C-22 4 5 .
//
////
19
. 35
“[ ]
.” 36
33.
, 37
/ 38
.39
,
.
, ,
, FTA 11
.
34. 10
.
35 / 2017. 11. 14. 2017 1886 , Exh C-79 9 ; / 2017. 6. 8. 2017 34, 183( )
, Exh C-69 50 . 36 “
” . 2015 2015. 9. 14. , Exh C-50 54 , 79 .
37 / 2017. 11. 14. 2017 1886 , Exh C-79 9, 20 62 ; SBS 2016. 12. 6. , “ , ”, Exh C-58
1 . 38 (The Korea Bizwire) 2015. 7. 9. , “KCGS Advises NPS to Oppose
Samsung C&T Merger ( , )”, Exh C-37; (The Wall Street Journal) 2015. 7. 8. , “Samsung Merger Plan Gets ‘No’ Vote From Canada Pension Board ( , ‘ ’)”, Exh C-33; (Reuters) 2015. 7. 7. , “South Korea advisory firm recommends NPS vote against Samsung deal ( ‘ ’)”, Exh C-32.
39 24 / .
////
//,
20
1. 1 : “ ”
35.
2015 6 26
“ ”
. 40
“
”, “
” .41
“
[ ] [ ]” .42
36. ,
40 / 2017. 11. 14. 2017 1886 , Exh C-79 37 .
41 . 2017. 7. 14.
: (JoongAng Daily) 2017. 7. 21. , “Park’s paper trail grows longer, more detailed (
)”, Exh C-74 1-2 (“[ ] , …
” ); YTN 2017. 7. 20. , “ , ( )”, Exh C-72 . 2017. 7. 20. , “[ ]
3 … ' ' ' ' ”, Exh C-73; 2017. 7. 15. , “
”, Exh C-71 1 (“ , ,
, ” “
” ) . 42 YTN 2017. 7. 20. , “ , ( )”, Exh C-72;
(JoongAng Daily) 2017. 7. 21. , “Park’s paper trail grows longer, more detailed ( )”, Exh C-74 .
//
“Park’(
“
“Park’(
21
. 43
. ,
2015 6 26
.44
2. 2 :
37. ,
. 45 ,
2015 6
. 46 ,
2015 6 30
.47
3. 3 :
38.
,
43 / 2017. 11. 14. 2017 1886 , Exh C-79 38-39 .
44 / 2017. 11. 14. 2017 1886 , Exh C-79 38-39 .
45 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 7 .
46 / 2017. 11. 14. 2017 1886 , Exh C-79 29 ; / 2017. 6. 8. 2017 34, 183( )
, Exh C-69, 44 . 47 / 2017. 6. 8. 2017 34, 183( ) ,
Exh C-69, 7 .
//
//
//
////
//
22
. 48
.
. (
“ ”)
.
( “ ”)
.
.
39. , 2015 6 30
. 49
.
.50
40.
48 (2015. 6. 9.), Exh C-22 4 5 (“ ”); (2018. 1. 7.), Exh C-57 123 (“ ” : “
… … … ”); 2015 2015. 9. 14.
, Exh C-50 55 , 62 ( “ ”
). 49 / 2017. 6. 8. 2017 34, 183( ) ,
Exh C-69, 7 . 50 / 2017. 11. 14. 2017 1886 , Exh C-79
14 .
(
//
//
23
. 2015
3 SK 2 (
“SK ”) . SK
. SK
,
. 51
SK 2
. 52
2015 6 24 SK ,
.53
41. SK
- ,
SK
. 54
-
SK
51 / 2017. 11. 14. 2017 1886 , Exh C-79 12-13 . 2015. 9. 14. , “ ‘ ·SK
’”, Exh C-51 1 ( - SK -SK C&C “ [ ]
” ); ISS 2015. 6. 12. , “SK ”, Exh C-23 13 ; 2015. 4. 22. , “SK ”, Exh C-12 1 .
52 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 44 .
53 / 2017. 11. 14. 2017 1886 , Exh C-79 13 ; 2015. 6. 24. , “[ ] , SK ”, Exh C-
26. 54 / 2017. 11. 14. 2017 1886 , Exh C-79 32-
33 .
//
//
//
//
24
. “SK SK C&C ”
:
SK ,
55
2015 6 10
.56
42.
. “[ - ]
”
57
. , SK
.58
.
, “
55 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 44 ( ); /
2017. 11. 14. 2017 1886 , Exh C-79, 13 . 56 / 2017. 11. 14. 2017 1886 , Exh C-79 43-
44 . 57 / 2017. 11. 14. 2017 1886 , Exh C-79
17 . 58 / 2017. 11. 14. 2017 1886 , Exh C-79 32-
33 .
////
//
//
//
25
[ ]
” .59
43.
. 2015 7 6
SK
.60
44.
“100% (Sure)”
. 61
.
“ ”,
“ ” “ ”
. 62 2015 7 8 ,
59 / 2017. 11. 14. 2017 1886 , Exh C-79 14 ; / 2017. 6. 8. 2017 34, 183( )
, Exh C-69, 7 . 60 / 2017. 11. 14. 2017 1886 , Exh C-79
15 ; / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 7 .
61 / 2017. 11. 14. 2017 1886 , Exh C-79 29 ; / 2017. 6. 8. 2017 34, 183( )
, Exh C-69, 7 . 62 / 2017. 11. 14. 2017 1886 , Exh C-79
16 ; / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 46 .
////
////
////
////
26
.63
45.
, 2015 7 8
.64
“ ”
, “[ ]
” .65
46.
,
. 2015 7 8
“
” . 66
“
” .67
(
)
63 / 2017. 11. 14. 2017 1886 , Exh C-79 17 .
64 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 47 .
65 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 46-47 .
66 / 2017. 11. 14. 2017 1886 , Exh C-79 18 ; / 2017. 6. 8. 2017 34, 183( )
, Exh C-69, 47 . 67 / 2017. 11. 14. 2017 1886 , Exh C-79 18,
39 .
//
//
//
////
//
27
.
47. 2015 7 9
.68
4. 4 :
48.
, 1( ):
0.35( )
.
“ ”
2015 6 30 .
1:0.64 , 69
.
.
, 2015 7 3
Institutional
Shareholder Services ( “ISS”) 70
68 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 48 .
69 / 2017. 11. 14. 2017 1886 , Exh C-79 21, 34 55 .
70 / 2017. 11. 14. 2017 1886 , Exh C-79 63 .
//
//
//
28
., 71
.72
49. ,
.
1:0.35 .73 1
,
. ,
,
,
1:0.39 .74
50. ,
1:0.46 ,
71 ISS 2015. 7. 3. (Special Situations Research), “SC&T: proposed merger with Cheil Industries ( : )”, Exh C-30 1 .
: (The Wall Street Journal) 2015. 7. 8. , “Samsung Merger Plan Gets ‘No’ Vote From Canada Pension Board ( , ‘ ’)”, Exh C-33; /
2017. 11. 14. 2017 1886 , Exh C-79 14, 20 .
72 2015. 7. 15. Glass Lewis , “ ”, Exh C-43; ISS 2015. 7. 3. (Special Situations Research), “SC&T: proposed merger with Cheil Industries ( :
)”, Exh C-30 .
73 / 2017. 11. 14. 2017 1886 , Exh C-79 21-22 .
74 / 2017. 11. 14. 2017 1886 , Exh C-79 21-22 .
//
//
//
29
. 75
1:0.35 ,
1,388
. 76
.
5. 5 :
‘ ’
51.
“ ” .
“
[ ] ”
. 77 “ 2
” ,
. 78
,
, “ ”
75 / 2017. 11. 14. 2017 1886 , Exh C-79 21-22 62 (
).
76 / 2017. 11. 14. 2017 1886 , Exh C-79 33 .
77 / 2017. 11. 14. 2017 1886 , Exh C-79 24 ; / 2017. 6. 8. 2017 34, 183( )
, Exh C-69, 54 . 78 / 2017. 11. 14. 2017 1886 , Exh C-79
24 ; / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 9, 15 .
//
//
////
////
30
. 79 ,
“ ”
2
.
52. , :
. 80
,
. 81
. ,
.
“ ”
.82
53. , 2015 ,
,
79 / 2017. 11. 14. 2017 1886 , Exh C-79 24, 34 36 ; / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 15 .
80 / 2017. 11. 14. 2017 1886 , Exh C-79 24, 34-35 ; / 2017. 6. 8. 2017 34, 183( )
, Exh C-69, 9, 15 .
81 - 2018. 6. 21. , Exh C-84. 2018. 7. 5.
. 82 - 2018. 6. 21. , Exh C-84 4 .
2018. 7. 5. .
////
////
31
. 83 2015 7 10
2015 7 7 .
54. 2015 7 10
“ ”
“ ” .84
.85
6. 6 :
55.
.
, .
,
,
83 2015 2015. 9. 14. , Exh C-50 80 . 84 / 2017. 11. 14. 2017 1886 , Exh C-79
55 . 85 / 2017. 6. 8. 2017 34, 183( ) ,
Exh C-69, 54-55 .
//
//
32
.86
.87
7. 7 :
56. ,
.88
57. 2015 7 10
.
.
“ ”
“ ” .89
58. 2015 7 10 3 ,
.90
86 / 2017. 11. 14. 2017 1886 , Exh C-79 20 ; / 2017. 6. 8. 2017 34, 183( )
, Exh C-69, 16 . 87 / 2017. 11. 14. 2017 1886 , Exh C-79 83-
84 . 88 / 2017. 6. 8. 2017 34, 183( ) ,
Exh C-69, 16 . 89 / 2017. 6. 8. 2017 34, 183( ) ,
Exh C-69, 17 . 90 / 2017. 11. 14. 2017 1886 , Exh C-79
84 ; / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 9 .
////
//
//
//
////
33
8. 8 :
59.
. 2015 7 10
SK
.91
. 92
.93
60.
. 94 ,
2015 7 14 .
“[ (
) ] ” . 95
.96
,
91 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 9 .
92 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 16-17 .
93 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 9-10 .
94 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 10 .
95 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 10 .
96 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 10 .
//
//
//
//
//
//
34
.
. 97
2015 7 17 ,
.98
61. ,
. 99
2015 7 14
:
,
( ‘ ’) [ ]
.…
…
.100
97 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 10 .
98 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 10 ; 2015. 7. 17.
, Exh C-44. 99 YTN 2015. 7. 14. , “ , ' '”, Exh C-41 (
“ [ ) ”
); 2015. 7. 13. , “[ ] ‘ ’ … ”, Exh C-38.
100 ( ) (Elliott Advisors (HK) Ltd.) 2015. 7. 14. , Exh C-42; 2015. 7. 3. , Exh C-29.
//
//
35
9. 9 :
62. 2015 7 17 ,
.101 11.2%
2/3
. 102
“[ ]
…
[ ].”103
63. 2015 9 1 .
10. 10 :
64. 2015 7 17
.
-
SK - .
65.
.
.
,
( )
101 DART( ) 2015. 7. 17. , “ ”, Exh C-47 1 . BBC 2015. 7. 17. , “Shareholders approve controversial Samsung C&T merger ( , )”, Exh C-46 .
102 “ ” : / 2017. 11. 14. 2017 1886 , Exh C-
79 60-61 . 103 2015 2015. 9. 14. , Exh C-50 54 .
//
36
2016 2017
.
D.
66.
.
2014 9 15
“ ”
.104
.105
67.
.
, 2015 7 25
. 106
2015 11
“
” . 107
,
104 2018. 2. 5. 2017 2556 , Exh C-80 120-121 . 2018. 4. 6. , “ … · ”,
Exh C-83 . 105 2018. 2. 5. 2017 2556 , Exh C-80 49 ;
2016. 11. 2. , “ , ' ' ”, Exh C-55; 2016. 10. 12. , “ , K ' ' ”, Exh C-54.
106 2018. 2. 5. 2017 2556 , Exh C-80 29 , 107 .
107 1 2017. 3. 7. , “ … ' ' ”, Exh C-61 (“ ( ) VIP( ) ( )
. … ” ).
“ ·
'
“ ( )
37
“
[ ]”
.108
68. –
–
2,500 .
69.
. ,
3 , ,
. , ,
4 ,
.
,
-
.
70. :
a. . 2017
6 8 ,
.109
108 : MBN 2017. 5. 29. , “ ‘ , ’”, Exh C-66, 2
. 109 / 2017. 6. 8. 2017 34, 183( ) ,
Exh C-69, 58-59, 62-63 65-67 . / 2017. 11. 14. 2017 1886 , Exh C-79 70-73 .
“
,
,
“‘ ,
////
38
,110
. 111 2016 11 30
.112
2017 11 14
,
. 113
“ ”
“
[ ]…
[ ]” . 114
.
b. .
5
( , , , )
110 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 6-7, 10-11 . / 2017. 11. 14. 2017 1886 , Exh C-79 71 .
111 / 2017. 6. 8. 2017 34, 183( ) , Exh C-69, 8-9 . / 2017. 11. 14. 2017 1886
, Exh C-79 68 . 112 / 2017. 6. 8. 2017 34, 183( ) ,
Exh C-69, 10-11 . / 2017. 11. 14. 2017 1886 , Exh C-79 42-43 ; JTBC 2017. 6. 8. , “ ,
‘ ’”, Exh C-67 . 113 / 2017. 11. 14. 2017 1886 , Exh C-79 70-
73 . 114 / 2017. 11. 14. 2017 1886 , Exh C-79 60-
61 .
////
////
////
//
//
39
5 .115
2 ( , ) 4
, 2
. 116
.117
3
“ ”
.118
c. . 2017 3 10
.
:
, . ,
.119
115 (The Korea Herald) 2017. 8. 25. , “Samsung heir jailed 5 years for bribery ( 5 )”, Exh C-76.
116 (The Korea Herald) 2017. 8. 25. , “Samsung heir jailed 5 years for bribery ( 5 )”, Exh C-76.
117 (The Korea Herald) 2017. 8. 25. , “Samsung heir jailed 5 years for bribery ( 5 )”, Exh C-76.
118 2018. 2. 5. 2017 2556 , Exh C-80 61, 65, 106-109 .
119 2017. 3. 10. , “[ ] ”, Exh C-62 3 .
( , )
40
71. ,
24 . 120
,
, ,
20 .121
/
.122
72. · ,
.
· ,
–
– ,
FTA
.123
E.
73. ,
.
120 (The Korea Herald) 2018. 4. 6. , “Park Geun-hye sentenced to 24 years in prison ( 24 )”, Exh C-82.
121 (The New York Times) 2018. 2. 13. , “South Korean Court Sentences Ex-President’s Confidante to 20 Years ( 20 )”, Exh C-81.
122 (The Korea Herald) 2018. 4. 6. , “Park Geun-hye sentenced to 24 years in prison ( 24 )”, Exh C-82.
123 . ILC 7 “
,
” . ILC , Exh CLA-17 7 .
/
“Park Geun-hye (
“Park Geun-hye (
41
74.
.
. 124
,
“ ” ,
. 125
.126
“ ”
“ ” .127
75.
.
124 2017. 6. 9. , “" ?"… ' ' ”, Exh C-70 2 (“ ‘ ’ ”
); 1 2015. 6. 4. , “ ' ' … ?”, Exh C-19 3-4 (“ [ ]” “
[ ]” ) . 2015. 7. 8. , “ …' ' , ' ' ”, Exh C-35
. 125 (The Korea Herald) 2015. 6. 14. , “Hwang defends Samsung against
‘vulture’ fund ( , )”, Exh C-25 (“the veto against the merger [would be] akin to surrender to a foreign ‘vulture’ fund ( “ ”
)” ); 2017. 6. 9. , “" ?"…' ' ”, Exh C-70
2 (“ ‘ ’ ” ); (The Wall Street Journal) 2015. 8. 18. , “Korean Sovereign Fund Asks
Elliott to Stop Investing in Korea ( , )”, Exh C-49 .
126 (The Observer) 2015. 7. 13. , Exh C-40. 127 (The Washington Post) 2015. 7. 17. , “How did a Samsung Shareholder
Battle Descend into Anti-Semitic Slurs and Cartoons ( )”, Exh C-45; (The Observer) 2015.
7. 13. , “Spat Between Samsung and NYC Hedge Fund Takes Nasty Detour Into Jew-Baiting ( , )”, Exh C-39.
' '
“Hwang ( ,
42
.
: “
[ ].” 128
. “ [ ,
] ”
.129
,
. 130
76.
,
.
128 (JoongAng Daily) 2017. 7. 21. , “Park’s paper trail grows longer, more detailed ( )”, Exh C-74, 2 .
129 2017. 1. 1. , “ 1 ”, Exh C-60 4, 5 . 130 57 .
“Park’(
“
43
IV.
77. FTA
.
A.
78. :
a. “ ” “
” ( 11.28 );
b. “ ” “
, ,
” ( 11.28 );
c. “ ” “ , , , , ,
,
,
”
( 1.4 ).
79.
“ ”, “ ” .
80.
7.12%
11,125,927 . 11.1
1 11.28 .
11.28 ,
,
, ,
44
, . .
…
. , ….
B.
81. FTA 11 1 ,
. 11.16 1
.
82. 11.16 2 3
.
a. : 2018 4 13
. 11.15
.
90 .
b. 6 : 2015 9 .
.
“ 6 ”
11.16 3 .
C.
83. 11.17
.
45
84. 11
.
, (Three
Crowns LLP), (KL Partners) (Kobre &
Kim LLP) .
85. 11.18 2 ,
, 11.16
.131
131 ,
. 11- .
46
V. FTA
86. , ( )
,
( 11.5 ) ( )
( 11.3 )
FTA .
.
A. 11.5
87. ,
, FTA 11.5
.
88. FTA 11.5 .
1. ,
.
2. , 1
. “ ” “ ”
, .
. 1 “ ” ·
.
. 1 “ ”
.
47
89. 11- .
. , […] “ ”
. 11.5 ,
.
90. 11.5 , FTA “
”
. 132
.133
91. Bilcon v Canada , Waste Management
FTA 11.5 NATFA
‘ 1105 ’
NAFTA
.134 , Waste Management
, NAFTA FTA
132 FTA 11.5 , - 2003 , Exh CLA-20 2.2 ; - 2002
, Exh CLA-19 2.1 ; - 1999 , Exh CLA-18 2.2
, FTA 11.4
. 133 Rumeli Telekom A.S. and Telsim Mobil Telekomunikasyon Hizmetleri A.S. v. Republic of Kazakhstan
(ICSID Case No. ARB/05/16) 2008. 7. 29. , Exh CLA-14 611 (“
. .
ICSID ”) .
134 Waste Management Inc v.United Mexican States (II) (ICSID Case No. ARB(AF)/00/3) 2004. 4. 30. , Exh CLA-16 98 Clayton and Bilcon of Delaware Inc. v. Government of Canada (PCA Case No. 2009-04) 2015. 3. 17.
, Exh CLA-3 442 .
48
-
- Railroad Development v
Guatemala NAFTA
.135
92. Waste Management .
,
,
, , ,
,
.
,
.136
135 Railroad Development v Republic of Guatemala (ICIS Case No. ARB/07/23) 2012. 6. 29. , Exh CLA-13, 219 (“ ,
NAFTA 1105 NAFTA Waste Management II …
Waste Management II NAFTA
. Waste Management II ”).
136 Mobil Investments Canada Inc. & Murphy Oil Corporation v Canada (ICSID Case No. ARB(AF)/07/04) 2012. 5. 22. 141 , Exh CLA-10 Waste Management Inc v. United Mexican States (II) (ICSID Case No. ARB(AF)/00/3) 2004. 4. 30. Exh CLA-16 98 ; Cargill, Incorporated v. United Mexican States (ICSID Case No. ARB(AF)/05/2) 2009. 9. 18. , Exh CLA-2 283 ; Bilcon of Delaware Inc. and others v. Government of Canada (PCA Case No. 2009-04) , Exh CLA-3, 442 .
49
93.
137 ,
.
94.
.
.138 , ‘ ’ -
- .
,
‘ ’ .
,
,
. , (
) 1:0.46
,
1,388 .139
95.
. ,
137 Mondev International Ltd v. United States of America (ICSID Case No ARB(AF)/99/2) 2002. 10. 11. , Exh CLA-11, 118 .
138 Joseph Charles Lemire v Ukraine (ICSID Case No. ARB/06/18) 2010. 1. 14. , Exh CLA-8, 262-263 ( 262 ,
, , ,
). 139 / 2017. 6. 8. 2017 34, 183( ) ,
Exh C-69, 15 .
//
50
,
.
.
96. ,
,
,
.
97. , Waste Management
,
. –
–
“ ” .
,
“ , ,
,
” .140
98. FTA 11.5 1926
, “ ”
.141
140 Neer v. United Mexican States 1926. 10. 15. (Reports of International Arbitration Awards 4 ), Exh CLA-12 61-62 .
141 Railroad Development v. Republic of Guatemala (ICIS Case No. ARB/07/23) 2012. 6. 29. , Exh CLA-13, 218 .
51
B. 11.3
99.
FTA
11.3 .
1. · · · · ·
.
2. · · · · ·
.
100.
,
NAFTA
“ ”
. ( Statement of Administration
Action 1102 )142
101. .
,
.
,
142 Marvin Feldman v United Mexican States (ICSID Case No. ARB(AF)/99/1) 2002. 12. 16. , Exh CLA-9, 181 ; Corn Products International, Inc. v. The United Mexican States
(ICSID Case No. ARB(AF)/04/01) 2008. 1. 15. , Exh CLA-4, 109 (“… [ NAFTA] 1102
”).
52
. 11.3
.143
102.
.
,
. ,
.
103.
.
,
. 144
,
.145
143 United Parcel Service of America, Inc. (UPS) v. Government of Canada (ICSID Case No. UNCT/02/1) 2007. 5. 24. Ronald A. Cass
, Exh CLA-15, 83 . 144 Apotex Holdings Inc v. United States of America (ICSID Case No. ARB/(AF)/12/1) 2014.
8. 25. , Exh CLA-1, 8.15 .
145 Corn Products International, Inc. v. The United Mexican States (ICSID Case No. ARB(AF)/04/01) 2008. 1. 15. , Exh CLA-4, 118, 122 138 (“[ ]
”, “ … ” – ,
: “ …[ ] (
), ” ); Cargill, Incorporated. V. United Mexican States
(ICSID Case No ARB(AF)/05/2), 2009. 9. 18. , Exh CLA-2, 220 (“
53
104. , ( ,
) ( ,
“ ” )
.
105. , .
,
.
. , NAFTA
,
“ ” :146
NAFTA
.
. , [ ] ,
NAFTA
.
106. - , -
” ).
146 United Parcel Service of America, Inc. (UPS) v. Government of Canada (ICSID Case No. UNCT/02/1) 2007. 5. 24. Ronald A. Cass
, Exh CLA-15, 59-60 .
54
.
11.3 .
C.
107. , (a)
(b)
.
, ,
. ,
.
,
.
108.
(
,
)
.
.
109.
,
770,000,000 .
55
VI.
A.
110. FTA 11.16 3 ,
.
.
B.
111. FTA 11.19 , “ ,
3 , 1
,
” . 147
,
.
112. FTA 11.16 6 ,
:
Oscar M. Garibaldi 809 Wincrest Place Great Falls, Virginia 22066 Tel: +1 202 352 1819 Email: [email protected]
113. , Garibaldi
.
147 , 11.19 2 ICSID 11 .
56
C.
114. 11.20 3 “ ,
· ·
” .
115.
. ,
,
.
D.
116. 11.20 “ 11.16 3
.
,
. ,
” .
117. 3 3 ,
,
.
E.
118. ,
,
(Permanent Court of Arbitration)
.
VII.
119. ,
:
57
a. FTA ;
b. FTA
770,000,000
;
c.
;
d.
;
e.
.
120. , ,
,
.
.
Constantine Partasides QC
Elizabeth Snodgrass Amelia Keene Nicola Peart Three Crowns LLP Beomsu Kim
58
Byungsup Francis Shin KL Partners
Michael S. Kim Andrew Stafford QC Kobre & Kim LLP
2018 7 12