(LEAD) S. Korea wins int'l arbitration case against elevator maker Schindler | Yonhap News Agency

## Summary
OK (ATTN: UPDATES with quotes from press briefing in paras 2-3, background information in last three paras; ADDS photo) SEOUL, March 14 (Yonhap) -- South Korea has won an international arbitration case brought by Swiss elevator manufacturer Schindler Holding AG, avoiding a potential payout of 320 billion won ($211.4 million) in damages, the justice ministry said Saturday. Speaking during a press briefing at the government complex in Seoul, Justice Minister Jung Sung-ho said the Permanent Court of Arbitration (PCA) in The Hague dismissed all of the Swiss company's claims in a ruling issued early Saturday, including the 320 billion-won damage claim. Justice Minister Jung Sung-ho speaks during a press briefing at the government complex in Seoul on March 14, 2026. (Yonhap) Schindler filed the lawsuit in 2018, accusing the South Korean government of failing to properly oversee and regulate paid-in capital increases by Hyundai Elevator Co. between 2013 and 2015. Earlier in November 2025, the government successfully sought the cancellation of a separate international arbitration body's decision that had ordered it to pay private equity fund Lone Star about 400 billion won in compensation over the 2012 sale of a local bank. sshim@yna.co.kr (END) Keywords #government #Schindler #Permanent Court of Arbitration Articles with issue keywords Most Liked U.S. transport aircraft spotted departing Osan Air Base amid Patriot relocation speculation (News Focus) USFK's relocation of military assets to Middle East raises concerns about Seoul's capability to deter N.K. threats 16th Gwangju Biennale: You must change your life BTS expands Gwanghwamun concert capacity to 22,000 with added standing zones BTS to launch 'Arirang' pop-ups to mark new album release Most Saved U.S. transport aircraft spotted departing Osan Air Base amid Patriot relocation speculation 16th Gwangju Biennale: You must change your life Lee says to swiftly introduce fuel price cap as Mideast crisis intensifies Lee urges caution over reform measures to minimize side effects (LEAD) Gov't to take steps to implement fuel price cap this week as Mideast crisis intensifies Most Viewed All Categories (2nd LD) N.

## Article Content
Facebook
X
More
Pinterest
Linked in
Tumblr
Reddit
Facebook Messenger
Copy URL
URL is copied.
OK
(ATTN: UPDATES with quotes from press briefing in paras 2-3, background information in last three paras; ADDS photo)
SEOUL, March 14 (Yonhap) -- South Korea has won an international arbitration case brought by Swiss elevator manufacturer Schindler Holding AG, avoiding a potential payout of 320 billion won ($211.4 million) in damages, the justice ministry said Saturday.
Speaking during a press briefing at the government complex in Seoul, Justice Minister Jung Sung-ho said the Permanent Court of Arbitration (PCA) in The Hague dismissed all of the Swiss company's claims in a ruling issued early Saturday, including the 320 billion-won damage claim. The South Korean government will also recover approximately 9.6 billion won in legal costs.
"This is a complete victory for the Republic of Korea," the minister said, using the official name for South Korea.
Justice Minister Jung Sung-ho speaks during a press briefing at the government complex in Seoul on March 14, 2026. (Yonhap)
Schindler filed the lawsuit in 2018, accusing the South Korean government of failing to properly oversee and regulate paid-in capital increases by Hyundai Elevator Co. between 2013 and 2015.
The Swiss firm, which was the second-largest shareholder of Hyundai Elevator at the time, argued the capital increases were executed primarily to help Hyundai Group maintain control over its affiliates, including Hyundai Merchant Marine, rather than for legitimate business needs.
Schindler claimed it suffered financial losses due to the government's alleged oversight failures. The company initially sought around 500 billion won in damages before reducing the amount to about 320 billion won.
On Saturday, the tribunal ruled that Seoul had acted within its legal authority and conducted sufficient investigations at the time. The court found no breach of the government's investment treaty obligations and rejected the argument that the state bore responsibility for the losses under international law.
The logo of Swiss elevator manufacturer Schindler Holding AG (Yonhap)
The ruling is the latest in a series of wins for the South Korean government in international arbitration cases.
In February, Seoul won a lawsuit in a British court to overturn an order by the same international tribunal to pay approximately 160 billion won in damages to U.S. hedge fund Elliott Investment Management over the controversial 2015 merger of two Samsung affiliates.
Earlier in November 2025, the government successfully sought the cancellation of a separate international arbitration body's decision that had ordered it to pay private equity fund Lone Star about 400 billion won in compensation over the 2012 sale of a local bank.
sshim@yna.co.kr
(END)
Keywords
#government
#Schindler
#Permanent Court of Arbitration
Articles with issue keywords
Most Liked
U.S. transport aircraft spotted departing Osan Air Base amid Patriot relocation speculation
(News Focus) USFK's relocation of military assets to Middle East raises concerns about Seoul's capability to deter N.K. threats
16th Gwangju Biennale: You must change your life
BTS expands Gwanghwamun concert capacity to 22,000 with added standing zones
BTS to launch 'Arirang' pop-ups to mark new album release
Most Saved
U.S. transport aircraft spotted departing Osan Air Base amid Patriot relocation speculation
16th Gwangju Biennale: You must change your life
Lee says to swiftly introduce fuel price cap as Mideast crisis intensifies
Lee urges caution over reform measures to minimize side effects
(LEAD) Gov't to take steps to implement fuel price cap this week as Mideast crisis intensifies
Most Viewed
All Categories
(2nd LD) N. Korea fires ballistic missiles as S. Korea, U.S. conduct joint drills
(LEAD) N. Korea fires projectile as S. Korea, U.S. conduct joint drills
N. Korea fires projectile eastward: JCS
S. Korea warns of stern response to Japan PM's renewed Dokdo claim
(3rd LD) PM Kim says Trump positive about dialogue with N. Korea's Kim but leaves open its timing
Most Viewed More
Most Viewed Photos
N. Korea-China cross-border passenger train service
N. Korea-China cross-border passenger train service
Stamp exhibition opens in N. Korea
N. Korea's largest women's body stages rally in Pyongyang
prev
(LEAD) S. Korea wins int'l arbitration case against elevator maker Schindler
Next
(LEAD) S. Korea wins int'l arbitration case against elevator maker Schindler

---

## Expert Analysis

### Merits
N/A

### Areas for Consideration
- Earlier in November 2025, the government successfully sought the cancellation of a separate international arbitration body's decision that had ordered it to pay private equity fund Lone Star about 400 billion won in compensation over the 2012 sale of a local bank. sshim@yna.co.kr (END) Keywords #government #Schindler #Permanent Court of Arbitration Articles with issue keywords Most Liked U.S. transport aircraft spotted departing Osan Air Base amid Patriot relocation speculation (News Focus) USFK's relocation of military assets to Middle East raises concerns about Seoul's capability to deter N.K. threats 16th Gwangju Biennale: You must change your life BTS expands Gwanghwamun concert capacity to 22,000 with added standing zones BTS to launch 'Arirang' pop-ups to mark new album release Most Saved U.S. transport aircraft spotted departing Osan Air Base amid Patriot relocation speculation 16th Gwangju Biennale: You must change your life Lee says to swiftly introduce fuel price cap as Mideast crisis intensifies Lee urges caution over reform measures to minimize side effects (LEAD) Gov't to take steps to implement fuel price cap this week as Mideast crisis intensifies Most Viewed All Categories (2nd LD) N.

### Implications
- The South Korean government will also recover approximately 9.6 billion won in legal costs. "This is a complete victory for the Republic of Korea," the minister said, using the official name for South Korea.
- Earlier in November 2025, the government successfully sought the cancellation of a separate international arbitration body's decision that had ordered it to pay private equity fund Lone Star about 400 billion won in compensation over the 2012 sale of a local bank. sshim@yna.co.kr (END) Keywords #government #Schindler #Permanent Court of Arbitration Articles with issue keywords Most Liked U.S. transport aircraft spotted departing Osan Air Base amid Patriot relocation speculation (News Focus) USFK's relocation of military assets to Middle East raises concerns about Seoul's capability to deter N.K. threats 16th Gwangju Biennale: You must change your life BTS expands Gwanghwamun concert capacity to 22,000 with added standing zones BTS to launch 'Arirang' pop-ups to mark new album release Most Saved U.S. transport aircraft spotted departing Osan Air Base amid Patriot relocation speculation 16th Gwangju Biennale: You must change your life Lee says to swiftly introduce fuel price cap as Mideast crisis intensifies Lee urges caution over reform measures to minimize side effects (LEAD) Gov't to take steps to implement fuel price cap this week as Mideast crisis intensifies Most Viewed All Categories (2nd LD) N.
- Korea, U.S. conduct joint drills (LEAD) N.
- Korea's largest women's body stages rally in Pyongyang prev (LEAD) S.

### Expert Commentary
This article covers korea, won, government topics. Areas of concern are also raised. Readability: Flesch-Kincaid grade 0.0. Word count: 689.