REPUBLIC OF KOREA v MASON CAPITAL L.P. & Anor

[2025] SGHC(I) 9 Singapore International Commercial Court 20 March 2025 • SIC/OA 15/2024 ( SIC/SUM 61/2024 ) • 75 min read

13 cases cited (12 SG, 1 foreign)

Key facts

Court	Singapore International Commercial Court
Decided	20 March 2025
Judges	Anselmo Reyes, Peter Meier-Beck, Philip Jeyaretnam
Charges / claim	Arbitration
Counsel	Duxton Hill Chambers, Rachel Low LLC, WongPartnership LLP, Chloe Natasha Caenaro, Chua Xin Yi Cindy, Daniel Gaw Wai Ming, Koh Swee Yen, Lim Wen Juin (Lin Wenjun), Lin Weiqi Wendy, Low Yi Heng Samuel, Matthew Gearing KC, Pang Yi Ching Alessa, Quek Yi Zhi Joel (Guo Yizhi), Rachel Low Tze-Lynn, Victoria Liu Xin Er

Source: [2025] SGHC(I) 9, Singapore International Commercial Court, decided 20 March 2025 — eLitigation. Updated 25 June 2026.

Catchwords

Arbitration — Award — Recourse against award — Setting aside — Investor state arbitration — Arbitration agreement — Whether claims fell within the scope of submission to arbitration — Articles 34(2)(a)(i) and 34(2)(a)(iii) UNCITRAL Model Law on International Commercial Arbitration Arbitration — Award — Recourse against award — Setting aside — Breach of natural justice — Arbitral tribunal declining to admit additional evidence after hearing — Whether respondent in arbitration deprived of opportunity to present its case — Section 24(b) International Arbitration Act 1994 — Article 34(2)(a)(ii) UNCITRAL Model Law on International Commercial Arbitration Arbitration — Award — Recourse against award — Setting aside — Jurisdiction — Host state’s government officials found to have acted in violation of free trade agreement — Host state objecting that acts were not “measures adopted or maintained” by host state “relating to” claimant in arbitration — Host state objecting that claimant in arbitration was not “investor” and lacked standing — Whether host state’s objections jurisdictional in nature — Articles 34(2)(a)(i) and 34(2)(a)(iii) UNCITRAL Model Law on International Commercial Arbitration Arbitration — Award — Recourse against award — Setting aside — Arbitral tribunal ruling on certain jurisdictional objections in initial decision and other jurisdictional objections in final award — Respondent in arbitration appealing against tribunal’s rulings on jurisdiction only in setting-aside application — Whether defendant in arbitration precluded from raising jurisdictional objection addressed in initial decision — Section 10(3) International Arbitration Act 1994 — Article 16(3) UNCITRAL Model Law on International Commercial Arbitration

Practice Areas

Arbitration

Case Significance

[2025] SGHC(I) 9 is a Singapore International Commercial Court decision dated 20 March 2025 concerning Arbitration, specifically addressing award. The judgment was delivered by Philip Jeyaretnam, with Anselmo Reyes and Peter Meier-Beck on the coram. The case was brought by Republic of Korea (claimant) against Mason Capital L.P. and others (defendant). Legal representation was provided by WongPartnership LLP and Duxton Hill Chambers. The judgment cites 13 cases (12 Singapore, 1 foreign) and references 3 statutory provisions, including the Arbitration Act, the International Arbitration Act, and the UK Arbitration Act.

Summary

The Republic of Korea applied to set aside an arbitral award in favour of Mason Capital in an investor-state dispute under the Korea-US Free Trade Agreement, arising from government actions affecting Samsung's attempted merger with Cheil Industries. The SICC dismissed the setting aside application on all grounds including jurisdiction, natural justice, and procedural irregularity, and awarded Mason costs including US$1,200,000 for foreign counsel fees reduced from the US$1.84 million claimed.

What was decided in [2025] SGHC(I) 9?

[2025] SGHC(I) 9 (REPUBLIC OF KOREA v MASON CAPITAL L.P. & Anor) is a Singapore International Commercial Court decision from 20 March 2025 addressing Arbitration, specifically award. The judgment was delivered by Philip Jeyaretnam.

Who were the parties in REPUBLIC OF KOREA v MASON CAPITAL L.P. & Anor ([2025] SGHC(I) 9)?

The claimant in [2025] SGHC(I) 9 was Republic of Korea, and the defendant was Mason Capital L.P., Mason Management LLC. Legal representation included Rachel Low LLC and Duxton Hill Chambers. The case was decided on 20 March 2025 in the Singapore International Commercial Court.

Which judge decided [2025] SGHC(I) 9?

[2025] SGHC(I) 9 was delivered by Philip Jeyaretnam in the Singapore International Commercial Court on 20 March 2025. Anselmo Reyes and Peter Meier-Beck also sat on the coram. The case concerned Arbitration.

What cases and statutes does [2025] SGHC(I) 9 cite?

[2025] SGHC(I) 9 cites 13 prior decisions, including 1 from foreign jurisdictions. It references Arbitration Act, International Arbitration Act, UK Arbitration Act.

Statutes Cited

Arbitration Act (Cap 10) Cases on this Act →

International Arbitration Act (Cap 143A) Cases on this Act →

s 10(3)

UK Arbitration Act (Cap 10) Cases on this Act →

s 67

Cases Cited (13)

SG (1)

[2024] SGHC(I) 8

SLR (11)

[2013] 1 SLR 125 [2014] 1 SLR 372 [2014] 3 SLR 481 [2015] 3 SLR 154 [2016] 5 SLR 536 [2019] 1 SLR 263 [2019] 2 SLR 131 [2020] 1 SLR 695 [2020] 2 SLR 453 [2022] 4 SLR 314 [2023] 1 SLR 96

UK (1)

[2024] EWHC 2037