Hyundai Heavy Wins $750M, Right To Buy IPIC Stake

Law360, New York (November 17, 2009, 7:57 PM EST) -- Hyundai Heavy Industries Co. Ltd. has won at least $750 million in an arbitration award against the International Petroleum Investment Corp., an oil investment fund of Abu Dhabi's government that allegedly breached a shareholder agreement with HHI.

An arbitration tribunal, acting under the rules of the International Chamber of Commerce's International Court of Arbitration, issued the award, according to Debevoise & Plimpton LLP, co-counsel for HHI.

HHI had accused IPIC affiliates of breaching a shareholder agreement over IPIC’s stake in Hyundai Oilbank Corp., Korea's fourth-biggest oil...
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