Yulchon Defended Korea’s ISDS Award in ICSID Annulment Over Unlawful Investment
2026.09.12.
In September 2024, Mr. Fengzhen Min (“Mr. Min”) a Chinese national of Korean ethnicity, initiated annulment proceedings with ICSID to challenge the ISDS award issued on May 31, 2024, in which the Republic of Korea had prevailed in full against his claims.
In the underlying arbitration, the tribunal dismissed Mr. Min’s claims for lack of jurisdiction, finding that his investment did not qualify for protection under the Bilateral Investment Treaty between Korea and China (the “BIT”) due to its unlawful nature under Korean law. Mr. Min sought to set aside that award through annulment proceedings, raising allegations concerning the tribunal’s jurisdictional findings and procedural conduct.
In this matter, Yulchon acted as co-counsel with Allen & Overy, with both firms having been retained to represent the Korean government in both the underlying arbitration and the annulment proceedings. Building on its involvement in the underlying arbitration, Yulchon assumed a central role in the annulment phase, ensuring continuity in the development of the Republic of Korea’s legal strategy.
Yulchon has been closely involved in addressing Korean law issues, including a comprehensive review of Korean court judgments from both procedural and substantive perspectives, as well as the analysis and translation of Korean-language evidentiary materials. It has also played a significant role in shaping the legal arguments and factual narrative, particularly in defending the tribunal’s findings in the underlying arbitration and reinforcing the principle that investments made in violation of domestic law are not entitled to protection under investment treaties.
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