Two Dutch subsidiaries of IPIC sold their controlling stake in a national oil refinery, Hyundai Oilbank, in 2010 to Hyundai Heavy Industries for $2.2bn. IPIC’s investment arm has brought the claim over a tax payment stemming from the sale, arguing that it ought not to have paid sales tax in South Korea according to an agreement between South Korea and the Netherlands.

Claim filed at ICSID

The claim has been filed at the World Bank’s Washington DC-based arbitration court, the International Centre for Settlement of Investment Disputes. IPIC has instructed Carolyn Lamm, a partner at White & Case, to spearhead its claim. She is supported by Washington DC-based colleagues Andrea Menaker and Brian Gleicher, as well as Abu Dhabi-based partner Abdulwahid Alulama. South Korea's government has instructed New York-based David Rivkin, co-head of dispute resolution at Debevoise, and London-based partner Sophie Lamb to defend the claim. Sources: Legal Business; Reuters; Bloomberg Business