South Korea

Bae Kim & Lee moves up to the ‘Outstanding’ tier in construction, corporate and M&A, labour and employment, media and entertainment, regulatory, technology and telecommunications. Partner Seung Hwa Hwang left the firm in January 2018.

Banking and finance

Work highlights

Acted for Hanaro on its mezzanine loan to finance the world’s largest biomass plant project in Teesport UK.

Key clients

Daewoo Shipbuilding, DAISHIN Securities, Hanwha Asset Management, Macquarie Capital Korea

Capital markets

Work highlights

Advised the Export-Import Bank of Korea on its issue of $400 million floating rate notes due 2022 under its $25 billion GMTN programme which were listed on the Taipei Exchange and the Singapore Exchange.

Competition/antitrust

Work highlights

Represented Korea’s top multiplex cinema operators CJ CGV, MEGABOX, and Lotte Shopping in a claim for damages filed by film producers allegedly arising from the cinema operators’ distribution of free movie tickets. The case involved the scope of counterparty for a trade under the Monopoly Regulation and Fair Trade Act.

Construction

Work highlights

Advised Korea Land & Housing Corporation in connection with the South Saad Al Abdullah New Town Development Project, a major national project in Kuwait to develop a new global class smart city.

Key clients

Berjaya Land, Daehan Real Estate Trust, Hanwha Engineering & Construction Corporation, LEGOLAND Korea, Lotte Engineering & Construction

Corporate and M&A

Work highlights

Advised Unilever in acquiring 95.4% of the shares in Carver Korea, the third biggest skincare business in Korea, from a consortium comprising Bain Capital, Goldman Sachs and Carver’s founder, for a purchase price of approximately $2.7 billion.

Key clients

CJ Cheiljedang, CVC Asia Pacific, LG Display, Samsung Electronics, Ssangyong Cement Industry

Dispute resolution

Work highlights

Advised SAP Korea, the Korean subsidiary of the German-based global enterprise application software giant, in an International Chamber of Commerce (ICC) arbitration regarding claims for unauthorised use by government-owned utility company and its subsidiary of high value proprietary enterprise resource planning software in breach of license.

Key clients

Apple, DIH International, Gyeonggi Expressway, Hyundai HCN, POSCO Engineering (Thailand), Samsung Electronics

Intellectual property

Work highlights

Advised Autoliv, a global automotive safety supplier, in a patent infringement case filed by Hyundai Mobis concerning its patent involving technologies related to air bags. The firm proved the invalidity of four out of six patents asserted by Hyundai Mobis.

Key clients

Avocado Entertainment, Dongkook Pharmaceutical, LG Chem, SK Telecom, SM Line Corporation

Investment funds

Work highlights

Advised Shinhan AIM Real Estate Fund No.1 in relation to a $190 million loan to finance the ownership and operations of One Worldwide Plaza, a landmark office building in Midtown West Manhattan. One Worldwide Plaza is a large 49-story building, which the market price has been estimated to be $1.74 billion.

Labour and employment

Work highlights

Defending Kia Motors against employees of a business partner working in a factory of Kia Motors and car dealers who entered into a sales service agreement with a distributor of Kia Motors, seeking confirmation of their status as official employees of Kia Motors. This case is expected to set a precedent on legal principles for future dispatch cases in the sales industry.

Key clients

Hyundai Rotem Company, Hyundai Steel, Korea Hydro & Nuclear Power, LG Electronics

Regulatory

Work highlights

Represented POSPower against the government demanding to convert its plan to build new thermal power plants, which was approved by the previous government, to LNG power plants in accordance with the presidential election pledge of reducing fine dust. The firm successfully obtained the approval from the government to carry out its original plans.

Restructuring and insolvency

Work highlights

Acted for C&S Corporation in its filing for rehabilitation proceedings which is one of the major rehabilitation cases pending at the Seoul bankruptcy court.

Key clients

Daesun Shipbuilding & Engineering, EY Han Young, Goseong Offshore & Shipbuilding, STX Europe

Tax

Work highlights

Advised Shinhan Alternative Investment Management on the tax aspects of its establishment of a Korean trust on behalf of Korean investors to make investments into onshore companies that invest in PPPs in the US, UK, France and other European jurisdictions.

Client feedback

“Focus on clients' need and easy to work with.” – Dispute resolution

“BKL is one of our go-to firms in South Korea. On the dispute resolution side, they have a deep bench of talented practitioners. Most often, we work with them on international arbitration matters, where they are one of the top firms in the country.” – Dispute resolution

“BKL has reliable experts in the IP field that I can always turn to for quick and accurate responses.” – Intellectual property

“Proactive approach to problem solving and prompt responses.” - David Ahn

“Jihyun is smart and very detail oriented.” - Ji Hyun Kim

“Kevin is a highly experienced arbitration lawyer.” - Kevin Kim

“Easy to work with. Devoted to the work and focus on the needs of the client.” - Minwoon Yang

Intellectual property

Work highlights

Advised Cath Kidston, a famous English fashion brand, on a major license agreement with Kakao for the use of Kakao cartoon characters in the prints for Cath Kidston bags and accessories.

Key clients

Adidas, Apple, BMW, Louis Vuitton, Philip Morris International

Corporate and M&A

Work highlights

Advised Korea-based QuantaMatrix, a proprietary platform-structured personalised medical diagnostic imaging centre, on a consortium agreement with Seoul National University Hospital, Switzerland-based Simplicity Bio and two French entities Firalis SAS and Centre Hospitalier Universitaire de Toulouse for international joint research & development on biomarker discovery.

Assisted Hong Kong investment company CFCG on the acquisition of a renowned Korean online language education brand SJW International, locally known as Siwon School.

Jipyong has nine overseas offices and is very active in banking and finance and M&A transactions in the energy, fintech, infrastructure and real estate sectors. Chang Ik Sung joined the firm as partner in December 2017, specialising in intellectual property and technology and telecommunications. Chang Young Kwon and Ja Sung Oh joined the labour and employment team as partners from the Uijeongbu district court and Seoul High Public Prosecutors' Office respectively.

Banking and finance

Work highlights

Acted for Korea Development Bank and other financial investors in its investment of $130 million through a Korean private equity fund in Hainan Haikou International Airport Expansion Project, a major milestone of China’s belt and road initiative.

Key clients

Korea Development Bank, Kyobo Securities, Pinestreet Asset Management, SK Holdings

Capital markets

Work highlights

Advised Samsung Securities with regards to the IPO of Shinheung SEC.

Key clients

Chinhung International, Dong Yang Piston, IBK Investment & Securities, Mason Capital

Competition/antitrust

Work highlights

Advised SK Holdings in connection with its acquisition of a silicon wafer manufacturer, LG Siltron and further represented the client on its merger filing obligations which involved five different jurisdictions including China, Japan, Taiwan and Singapore.

Key clients

Intel Corporation, SeAH steel

Construction

Work highlights

Defended Urban Development Project Association for Singok District 6 in Gimpo against the declaratory judgment action seeking invalidation of the association.

Key clients

Eungam District 8 Reconstruction Project Association, Farms Industrial, Hyundai Engineering & Construction

Corporate and M&A

Work highlights

Acted for Naver, Korea’s top Internet content service company, in its subscription of 5% of new redeemable convertible preferred shares in Woowa Brothers, a leading food delivery company in Korea.

Key clients

DGB Financial Group, Hyundai Mipo Dockyard, Kakao Mobility, Mirae Technology, SK Airgas

Dispute resolution

Work highlights

Represented Samsung Fire & Marine Insurance (the defendant) in a landmark case overturning precedents on the issue of the requirements for the lessee’s liabilities for the damages to the unleased premises in the Supreme Court.

Key clients

Eunma APT Reconstruction Project Association, LG Chem, Seoul Metropolitan City

Restructuring and insolvency

Work highlights

Advised NH Investment and Securities on debt recovery and specifically how liabilities of KT engcore (an engineering subsidiary of KT) would be affected if the debtor’s business premises were sold following satisfaction of all requirements under the restructuring plan.

Kim & Chang is one of the leaders in the Korean market and is ranked ‘Outstanding’ across all our tables, both practice areas and industry sectors.

Banking and finance

Work highlights

Advised the lenders and the financial investors including Kookmin Bank and Mirae Asset Global Investments on all aspects of the Pyeongtaek–Buyeo–Iksan Highway Private Participation in Infrastructure (PPI) Project. This project was the largest PPI project in Korea in terms of project financing.

Key clients

Bank of Communications, Netmarble Games, SMBC Aviation Capital, Sumitomo Mitsui Trust Bank

Capital markets

Work highlights

Represented Lotte Chemical, the controlling shareholder of Lotte Chemical Titan Holding, in connection with its IPO in Malaysia.

Competition/antitrust

Work highlights

Acted for Dow Chemical and DuPont in their merger of equals due to the parties’ broad product portfolios resulted in relatively extensive horizontal overlaps and vertical relationships. This case raised significant innovation market issues concerning the potential impact of the transaction on the future R&D activities of the combined entity in the crop protection segment.

Construction

Work highlights

Representing Korean two major construction companies working in a joint venture in a London Court of International Arbitration (LCIA) arbitration concerning construction of a nuclear power plant in the UAE with a matter value of approximately $550 million. 

Advised Hyundai Engineering & Construction in its development of a 120MW hydropower plant project in Northern Sumatra, Indonesia.

Key clients

KDB Infrastructure Investments Asset Management, Korea Hydro & Nuclear Power

Corporate and M&A

Work highlights

Advised the consortium of Bain Capital and Goldman Sachs and the selling founder, Sang Rok Lee in their sale of 96% of the issues and outstanding shares in Carver Korea for approximately $2.8 billion to Unilever. 

Advised four public companies, Lotte Confectionery, Lotte Shopping, Lotte Chilsung Beverage and Lotte Food, all of which are listed affiliates of the Lotte Group, in a spin-off and merger transaction. This was the first corporate reorganisation in Korea where the investment operations of four public companies formed a (listed) holding company. 

Advised Millinium Inmark Asset Management (Millinium) for a Korean real estate fund (REF) established by Millinium to acquire five warehouses located in Finland through several SPVs in Luxembourg and Finland.

Key clients

Baring Private Equity Partners, IMM Private Equity, LK Investment Partners, Taekwang Power Services

Dispute resolution

Work highlights

Represented a major Korean shipyard in London Maritime Arbitrators Association (LMAA) arbitration proceedings concerning the shipbuilding contract governed by English law against a shipping company owned by a Greek shipowner for an offshore construction vessel.

Key clients

Hyundai Heavy Industries, Korea Deposit Insurance Corporation, NH Investment & Securities, Philip Morris Korea

Intellectual property

Work highlights

Successfully defended Astellas Pharma against challenges to the patent term extension for Korean Patent No. 967070 (relating to approval for Betmiga). This was a landmark decision and the first case ever where a Korean court issued specific guidance regarding the proper calculation method for determining the PTE term.

Key clients

AT Solutions, Korea Communications Commission, L’Oreal, Merck Sharp & Dohme, Novartis Pharma, Pfizer

Investment funds

Work highlights

Advised the National Housing Funds and the Korea Land and Housing Corporation on the establishment of four real estate investment trust companies to develop government-sponsored rental housing.

Key clients

ADF Asset Management, M&G Real Estate, Multi Asset Global Investments, Shinhan BNP Paribas Asset Management, Vogo Fund Asset Management

Private equity

Work highlights

Acted for Bain Capital on the acquisition of a controlling stake in Hugel, a Korea-based biopharmaceuticals manufacturer. This transaction was unprecedented in that it involved a global private equity fund acquiring controlling shares in a listed bio company in Korea. 

Acted for Anchor Equity Partners in its purchase of outstanding shares of common stock and subscription and purchase of newly issued shares of common stock of A Twosome Place, a famous coffeehouse chain in Korea.

Regulatory

Work highlights

Advised Mercedes-Benz Korea on its launch of connected car services, one of the most prominent emerging fields in the fourth industrial revolution.

Restructuring and insolvency

Work highlights

Represented various creditors against a debtor company, Hanjin Shipping in its rehabilitation and then bankruptcy proceedings in Korea.

Tax

Work highlights

Represented eight leasing companies in relation to the applicability of a domestic interest withholding exemption for foreign currency loans extended by leasing companies engaged in a foreign exchange business.

Represented STATS ChipPAC Korea in a transfer pricing tax litigation, resulting a $10 million corporate income tax refund.

Key clients

eBay Korea, JPMorgan Asset Management Real Assets (Asia), SK Energy

Client feedback

“Provide concise and professional advice based on a deep understanding of the industry as well as the client’s company.” – Dispute resolution

“Kim & Chang indeed is the best firm in Korea.” – Dispute resolution

“The management of the project was reliable and satisfactory in general, they have a high level of expertise in this field.” – Labour and employment

“I value Brian's input very highly and it is a good partnership.” - Brian Oh

“Both of them are very communicative and very good in English. They don't enjoy holidays. They respond even during holidays.” - Deok-Il Seo and Hyo-Sang Kim

“Fast response time and provide tactical solutions/advises that the company is looking for.” - Eun Hee Kim

“Quick and good understanding of the subjects. Connect subject matter experts if necessary with good communication.” - Hwan Beom Lee

“The rich research and prompt, accurate responses are impressive.” - Hyun Wook Shin

“He understands the insurance industry and tries to respond as soon as possible.” - Jae Ho Baek

“Mr Jang is a great lawyer with expertise in his practice areas.” - Jisoo Jang

“Roh has a remarkable ability to understand the client and suggest approaches that align with the client company's values and risk appetite.” - Kyung Shik Roh

“I could not be happier with the work I received from Minsan Kim. He is extremely efficient, competent and professional. His work was outstanding, always clear and concise. He was responsive to my phone calls and emails and always available to answer any questions. Thus, the communication was excellent and efficient. He understood clearly what the client wanted and needed and made sure that nothing fell through the cracks.” - Min San Kim

“He worked with us for past 5 years – knows the ins and out of our situation and provides the right advice.” - Myoung Jae Chung

“Myung is very knowledgeable in her areas of expertise.” “Quickly identifies the issue and provides practical legal solutions.” - Myung Soon Chung

“Wan Bin Park has very good understanding of our business and actively provides meaningful advices.” - Wan Bin Park

“Kim provides a considerate advice. Broad and in-depth knowledge and experience is always very helpful. No weakness has been identified yet.” - Young Min Kim

“Bilingual in Korean and English, possessing the expertise/knowledge and experience in the subject matter areas, and great client management skills.” - Yunjoh Lee and Hwasoo Chung

Lee & Ko improves its ranking to ‘Outstanding’ in construction, regulatory and restructuring and insolvency. The firm hired John JungKyum Kim from Kim & Chang as partner specialising in insurance. Chee Kwan Kim, Byung Hwa Lee, Jiwoong Lim, Charles Peterson and Yeonsoo Yun also joined the firm as partners.

Banking and finance

Work highlights

Represented a group of Korean financial institutions including Woori Bank and JB Asset Management led by Industrial Bank of Korea on the $700 million financing for CPV Fairview Power Plant Project, a 1050MW natural gas fired combined cycle power plant in Pennsylvania.

Advised KB Securities and other lenders on the financing for Affinity Equity Partners’ acquisition of 63.6% of Lock & Lock.

Advised Daon Advisor on the project for refinancing and installation of European Spallation Source (ESS) in connection with the Saemankeum-Haetbitnoori solar power plant.

Key clients

Daelim Industrial, Exim Bank of China, KEB Hana Bank, Samsung Life Insurance, Shinhan BNP Paribas

Competition/antitrust

Work highlights

Representing Deutsche Bank in the Korea Fair Trade Commission (KFTC)’s probe of major international banks implicated in the global FX market manipulation scandal, which has been actively pursued by the International Cartel Division since 2015.

Key clients

Kumho Tire, LG, MediaTek, Samsung Active Asset Management, SK Broadband

Construction

Work highlights

Successfully acted for Korea Development Bank and other financial institutions in a $8 million lawsuit against leading construction companies regarding a guarantee provision after an abrupt termination of the newtown PF development project.

Key clients

Hyundai Development Company, Hyundai Heavy Industry, Cheongju Green Energy, Juwonjeonju, KEB Hana Bank

Corporate and M&A

Work highlights

Advised Daesung Group Partners, Goldman Sachs PIA and other shareholders of Daesung Industrial Gases on the sale of 100% of their shares of Daesung Industrial Gas to Korea Industrial Gas Holdings, special purpose company established by MBK Partners.

Key clients

CJ Group, KakaoBank, KB Securities, Kookmin Bank, Korea Electric Power Corporation

Dispute resolution

Work highlights

Representing Coway, a home wellness appliances company including water purifiers in Korea, in six lawsuits filed by over 2500 consumers alleging nickel flaking in the water tanks caused skin diseases and seeking approximately $7.5 million in compensation, which could actually incur more than $88 million loss in the event that Coway loses in the case.

Key clients

DB Hitek, Hoban Construction, Huawei Technologies, Hyundai Oil Bank, Ministry of Science

Intellectual property

Work highlights

Acted for Samsung Heavy Industries and Hyundai Heavy Industries against Daewoo Shipbuilding & Marine Engineering (DSME) in patent invalidation actions related to technology involving conversion of natural gas into LNG. As a result, DSME’s patent was declared invalid.

Key clients

Alibaba, eBay Korea, Kakao, Novartis International, Takoma Technology, Universal Display Corporation

Labour and employment

Work highlights

Represented Korea Development Bank against illegal dispatch and claims for unpaid wages filed by some drivers from its transportation service provider for employee’s commute and sales activities.

Acted for Lotte Shopping against an employee who returned from childcare leave and filed a petition at the Labour Relations Commission for violation of the Equal Employment Opportunity Act. This case represented the first instance in which the court considered whether reinstatement of an employee returning from childcare leave to a position different from her previous position would be in violation of the Equal Employment Opportunity Act.

Key clients

Avista, General Motors Korea, Korea East-West Power Corporation, Korea Expressway Corporation, LF Corp, McDonald's Korea

Private equity

Work highlights

Advised Sang Rok Lee, the founder and chairman of Carver Korea, one of the notable cosmetics manufacturer in Korea, on the sale of his entire shareholding in Carver Korea (35% of the shares) to Unilever SK Holdings together with Cosmetic Issuer Holdings Designated Activity Company (a private equity fund established by Bain Capital and Goldman Sachs).

Regulatory

Work highlights

Successfully represented Caterpillar, a leading global manufacturer of construction and mining equipment, against the Gyeonggi province for a cancellation of a work suspension order.

Advised Audi Volkswagen Korea on various legal issues related to the commercial launch of its electric motor vehicles (EV) in Korea including licensing requirements, applicable technical specifications, legal obligations to install charging stations and safe disposal of scrap batteries.

Key clients

Beiersdorf Group, Cargill Agri Purina, Korean Airlines, LG Electronics, LG Siltron, Tesla Korea

Restructuring and insolvency

Work highlights

Advised Uijeongbu Light Rail Transit Line, a PPP between the city of Uijeongbu and certain financial institutions and construction companies, on its bankruptcy and subsequent lawsuits related to settlement for the project against the city of Uijeongbu.

Tax

Work highlights

Represented Mastercard in filing a law suit against the tax authority requesting the withdrawal of the tax authority’s refusal to revise a corporate tax claim.

Key clients

Hanil Cement, Hyosung Corporation, Hyundai Cement, Korea Development Bank

Client feedback

“Very responsive to the client's demand and well balanced opinion of legal aspect.” – Construction, Dispute resolution

“The firm’s strengths are client-friendliness, reasonable fees and flexibility.” – Dispute resolution

“The strength of the firm is its expertise in the field of information technology law, especially in crypto currency and blockchain technology. Also, the firm is extremely professional in interacting with the client, being available 24/7 on various issues and providing feedback and opinions very promptly.” – Intellectual property, Regulatory

“Mr Jang has extensive experience and knowledge about every corner of the construction field. His advice is strong, persuasive and professional.” - Chan Ik Jang

“He was excellent in communicating with clients and other participating lawyers and understanding different aspects of culture.” - David Kim

“She provides legal advice with in-depth discussions. She always helps us to solve our problems with a highly perceptive opinion. She has devotedly worked for the clients.” - Eui Yeon Jo

“He has flexibility to match the client's demands.” - Hwan Kyoung Ko

“Bae is a criminal attorney who used to be a former public prosecutor. He is a very honest and hardworking man. I am very impressed with his knowledge of food safety related issues. Bae is one of the top experts in the field of criminal investigation.” - Jae Duk Bae

“High quality of work and amenable to our needs. The summary of advice really helped our business people to grasp the gist.” - John JungKyum Kim

“Mr. Yoon is considered the most prominent leader in the field of IT and IP law in Korea. I see no weaknesses.” - Jong Soo Yoon

“Client-friendliness, industry knowledge, experienced and flexibile.” - Kwang Bae Park

“Deep knowledge of our company's industry.” - Kwon Jin Hong

“Very knowledgeable in labour and employment issues.” - Sang Hoon Lee

Seum Law is a boutique law firm particularly known for advising technology and start-up companies and venture capital funds.

Capital markets

Work highlights

Advised CUBE Intelligence with respect to its initial coin offering (ICO).

Corporate and M&A

Work highlights

Advised Fluenty, a Korean start-up developing interactive artificial intelligence (AI) platforms, with respect to the sale of its key technology and assets as well as transfer of its employees to Samsung Electronics.

Key clients

CJ E&M, Cube Intelligence, Fly & Company, Hanwha, Lezhin Comics, Line, Medibloc, Naver

Investment funds

Work highlights

Advised retail tech company ZOYI Corporation, a Korean start-up that develops technology to improve the shopping experience of online and offline commerce, with respect to its Series B funding round.

Advised Toss Lab with respect to its most recent funding round from SBI Investment, KDB Korea Development Bank, Daekyo Investment and Evergreen Investment Partners.

Client feedback

“Seum is the only firm that specialises in start-up companies. Due to this, they are very modern (aware of Silicon Valley's best practice and latest trends) and forward thinking. This is refreshing and rare to have in Korea where most law firms work with the conglomerates. They are a boutique law firm, but still have more than 10 partners of all varying backgrounds, so I've found them to be my go-to even for my personal legal needs and side-businesses. Their senior partners are all very keen on the latest regulatory news around bitcoin in Korea.” – Banking and finance, Corporate and M&A, Investment funds, Regulatory

“Seum has been absolutely amazing to work with. They are very responsive, thorough, and most importantly awesome at what they do. As we do not have an in-house counsel, Seum advises us on all legal matters we come across from re-drafting of our user agreements, privacy policies, employment contracts/issues, partnership contracts to copyrights. They set clear expectations on what can be done by when, and will completely things urgently if necessary. We fully trust the quality of the legal advice we receive and they will point out areas of law where we need to be mindful. I do not actually have any weaknesses to point out for Seum. I could not be any happier for the services we get from Seum. I have had Seum on retainer basis for the last two years and have no plans on changing.” – Corporate and M&A, Labour and employment, Regulatory

“His professionalism and execution ability is better than any lawyer I've worked with in the past.” “Absolutely fantastic. Responsive and professional.” - Hoseok Jung

“Ahn is an US bar attorney who is very aware and keen on US practices and has the ability to connect it to Korea.” - Steve Ahn

Banking and finance

Work highlights

Acted for GS Energy and Korea Western Power (the sponsors) of the third LNG Combined Cycle Power Plant in Pyoung Taek, Korea on all aspects of the project including the project financing. 

Advised Baring Private Equity Asia and the lenders in connection with Baring’s refinancing of its existing acquisition loan for its acquisition of shares of Kyobo Life Insurance.

Key clients

Korea Electric Power Corporation, Korea Investment & Securities, National Pension Service, Woori Bank

Capital markets

Work highlights

Advised the underwriters on the IPO of ING Life Insurance on the KRX. This deal will be the leading case of public placement in Korea through which a major PE house recoups its investment in a financial institution.

Advised Korea Investment & Securities on Samyang Packaging Corporation’s public offering of existing shares on the KRX.

Key clients

DBS Bank, Lotte Card, Netmarble Games, Shinhan Bank, Sumitomo Mitsui Banking Corporation

Competition/antitrust

Work highlights

Represented five among the 28 construction companies investigated by the KFTC, alleging that they colluded to manipulate the bidding prices with respect to the Wonju-Gangneung railway construction. The KFTC found the five construction companies not guilty and issued a written decision in June 2017.

Assisted Valeo, world-renowned automotive equipment manufacturer on the establishment of a Korean joint venture with PHC Group that combines the parties’ torque converter businesses. The firm led the merger filing in various jurisdictions and also acted as coordinator for the work of lawyers in China and Japan.

Key clients

Doosan Heavy Industries & Construction, Hyundai Engineering, Linde, Qualcomm

Construction

Work highlights

Advised POSCO Engineering & Construction in a lawsuit regarding the cancellation of the sale of Songdo POSCO E&C Building construction project.

Key clients

Daesan Green Energy, Hwain Construction, Samsung Fire & Marine Insurance, K Securities

Corporate and M&A

Work highlights

Advised Korea Electric Power Corporation (KEPCO) and COPA Fund on the acquisition of a 235MW solar power facility located in California by acquiring the three project companies (Astoria 1, Astoria 2, and Barren Bridge)’ equity interests.  

Acted for Greens Ledge, a financial advisor to Social Finance, in the sale of shares to a selected group of Korean investors through a tender offer. This is the first investment by Korean investors in the US fintech market.

Key clients

DS Power, IMM Private Equity, Kakao, Macquarie Capital Korea, SK Holdings, Woongjin Group,

Dispute resolution

Work highlights

Defended Hyundai Elevator in a shareholder derivative lawsuit against Schindler Group, the second largest shareholder of Hyundai Elevator, in respect to Hyundai Elevator’s execution of derivative contracts with its shares in Hyundai Merchant Marine (HMM), in order to maintain its management control over HMM.

Acted for IMM Private Equity, Mirae Asset Private Equity, Hana Financial Investment Private Equity in a shareholder dispute seeking payment of the share purchase and sale price KRW700 billion against DICC, a Chinese subsidiary of Doosan Infracore. This lawsuit was the first lawsuit in Korea that addressed the meaning of minority shareholders’ right in connection with a drag along/tag along sale.

Key clients

Incheon Metropolitan City, KB Kookmin Bank, Lotte Group, Ministry of Science, Samsung Display, Shinseng Industrial

Intellectual property

Work highlights

Acted for Wemade Entertainment in a copyright dispute against Actoz Soft relating to the game Legend of Mir 2.

Key clients

Hanmi Parm, Korean Broadcasting System, Korea United Pharm, Seoul Broadcasting System

Labour and employment

Work highlights

Representing STX Heavy Industries (STX) in a lawsuit claiming unpaid wages and severance pay by former employees hired by a Chinese affiliate of STX. This case is expected to cause a significant ripple effect among larger corporations that have multiple subsidiary and affiliate companies where employees are commonly transferred and dispatched among such subsidiaries and affiliates.

Regulatory

Work highlights

Represented Korea IPTV Broadcasting Association which includes KT, SK Broadband and LG Uplus in response to the rise of payment rate of broadcasting communications development fund set forth by the Framework Act on Broadcasting Communications Development as well as providing support for smooth communication between operators and the Korean Ministry of Science, ICT and Future Planning.

Key clients

Hyundai Home Shopping, Korea IPTV Broadcasting Association, Korea Telecommunication Operators Association

Restructuring and insolvency

Work highlights

Acted for Golfzon County on the acquisition of Lake Hills Suncheon Country Club through a rare pre-package plan rehabilitation proceedings.

Tax

Work highlights

Advising Samsung SDI in connection to application for a correction of acquisition tax. This case is significant because based on the outcome of this case it will be determined whether physical criteria or non-physical criteria should be used when interpreting ‘direct use’ as a basis for tax assessment.

Key clients

Korea Cable Television and Telecommunications Association, Korea Gas Corporation, Korea South-East Power

Banking and finance

Work highlights

Advised IBK Investment & Securities as lender in the financing of the construction of a distribution centre for agro-fishery products and a wholesale market in Tsingtao, China.

Key clients

IBK Investment & Securities, KB Kookmin Card, Koramco REITs Management and Trust, Woori Bank

Capital markets

Work highlights

Advised Celltrion, on the move of its listing from the KOSDAQ to the Korea Composite Stock Price Index (KOSPI) market. This deal garnered a lot of attention in the domestic capital markets because of the company’s prominence.

Key clients

Able Hyundai Hotel & Resort, KEB Hana Bank, Korea Development Bank, Shinhan Bank, Woori Bank

Competition/antitrust

Work highlights

Acted for ZIM Integrated Shipping Services against KFTC to reduce administrative surcharges imposed as well as to exempt it from the list of companies that the KFTC was referring to the prosecutor’s office in relation to a competition case.

Key clients

British America Tobacco, Cathay Pacific Airways, Intel, LG Electronics, Merck & Co, Microsoft

Corporate and M&A

Work highlights

Advised Hugel, a KOSDAQ-listed Korean Botox manufacturing company, in both management control disputes and sale of its shares to Bain Capital. This transaction was the first major outbound sale of a domestic bio-healthcare company.

Advised Camp Korea and IICOMBINED (formerly SNNOPBY) in a transaction in which Camp Korea sold 10% of old shares and new shares to L Catterton.

Key clients

Cha Medical, CJ Group, Daishin Securities, GE Energy Korea, Hanhwa, Hyundai Motor, Kolon Group

Dispute resolution

Work highlights

Representing BTC Korea.com, the defendant of the class action for damages brought by virtual currency investors arguing that they incurred losses due to the server shutdown of Bithumb.

Representing NH NongHyup Bank in relation to its Syrup card, concerning SK planet’s termination of the affiliate agreement with Nonghyup Bank while the services had been ongoing and even before a year had passed after the issuance of the card.

Key clients

Korea Electric Power Corporation, Korea Railroad Corporation, Kumho Petro Chemical, Otis Elevator

Intellectual property

Work highlights

Represented Kumho Petro Chemical in a lawsuit against Kumho Petro Chemical, seeking transfer of certain trademarks and the payment of past royalties for Kumho Petro Chemical’s previous use of the trademarks.

Key clients

CJ CGV, Omnisystem, REG Life Sciences, Salvatore Ferragamo, SK Innovation, Toyota Motors

Restructuring and insolvency

Work highlights

Representing Inalfa Korea, the Korean subsidiary of a global manufacturer of car components (including sunroofs), in a case involving the rehabilitation proceeding of a local vendor that had supplied the components necessary for the manufacture of relevant car parts.

Key clients

Daewoo Information Systems, Dong-Ah Construction Industrial, Export-Import Bank of Korea, Meritz Capital

Yulchon is particularly known for its dispute resolution and tax practice. The firm hired seven partners and 14 other fee earners including senior foreign counsel, consultant and senior CPA. New partners include Yun Jae Baek, Jong Youl Choi, Yong Ho Choi, Hwan Joon Heo, Da Woo Lee, Sang Min Lee and Jeong Keun Yun.

Banking and finance

Work highlights

Advised KTB Investment & Securities and other Korean investors in connection with the sale and lease back of a Boeing 787-9 aircraft MSN39659 on lease to Etihad Airways. KTB Investment & Securities acquired mezzanine notes in the amount of approximately $59 million and junior notes in the amount of $2 million issued by the new owner/lessor.

Key clients

CGN Daesan Power, DB Financial Investment, HI Investment & Securities, SK Gas

Capital markets

Work highlights

Advised Kyobo Life Insurance on issuing new hybrid bonds amounting to $500 million. This made Kyobo Life Insurance, the first life insurer in Korea to successfully issue the hybrid bonds abroad since the introduction of new International Financial Reporting Standards (IFRS17). 

Key clients

BMW, KEB Hana Bank, Kia Motor, Korea Housing Finance Corporation, Lotte Card

Construction

Work highlights

Represented contractors including SK E&C and Daebo Construction, in a lawsuit brought by the contractors against Busan city, in which the contractors sought the payment of construction costs in connection with a Yeongdo Connecting Road Construction Project.

Key clients

Hyundai Engineering & Construction, Ministry of Land, POSCO Engineering & Construction

Corporate and M&A

Work highlights

Advised KB Securities in its disposal of 100% equity interest in Hyundai Savings Bank to a consortium led by Eugene Group.

Advised Carsale.com, a global online automotive classified business based in Australia, on acquisition of 50.1% equity stake in SK Encar.com, a Korea-based online automotive classified company, from SK Corp.

Key clients

Hanwha S&C, Harim Group, Johnson Electric Group, Lotte Confectionery, STIC Investments

Dispute resolution

Work highlights

Acting for Hanwha Techwin in a lawsuit filed by the Korean government against Hanwha Techwin (engine manufacturer) and Korea Aerospace Industries (helicopter manufacturer) in relation to a crash involving KUH-1 Surion helicopters.

Key clients

CHAM TNTN Hospital, GS Caltex, Hanwha Chemical, Hanwha Total, Pohang Iron & Steel

Intellectual property

Work highlights

Acted for Lutronic, an Aesthetic laser and energy-based devices manufacturer, in a preliminary injunction action filed by BTL, one of the world’s major manufacturers of medical equipment, wherein the firm successfully invalidated BTL’s system patent for subcutaneous treatment.

Key clients

Amorepacific, Hewlett-Packard Korea, Logitech Korea, Maeil Dairy Industry, PLAYNOMORE

Investment funds

Work highlights

Advised Hangang Asset Management on its investment in Mezzanine loans, valued at $195 million, secured by buildings located at 225 and 233 Park Avenue in New York via a real estate investment fund managed by the client in Korea.

Key clients

Invesco Asset Management Pacific, Meritz Real Estate Asset Management, Mirae Asset Global Investments

Private equity

Work highlights

Advised Aeneas Private Equity on the acquisition of redeemable convertible preferred stocks (RCPS) issued by Meritz Securities.

Tax

Work highlights

Advised Korean multinational companies including Hyundai Motors, Kia Motors, LG Group and CJ Group in a suit seeking the cancellation of a corporate income tax assessment relating to guarantee fees. The decisions made in the case were the first court rulings ever made with respect to corporate income tax assessments relating to guarantee fees.

Key clients

Hangang Asset Management, IGIS Asset Management, Korea Post, Morgan Stanley, POSCO