Korea | White & Case
Korean Law

Korea

South Korea is one of the world's leading economies and one of Asia's largest outbound investors.

Its biggest companies are today's global leaders in the construction, shipbuilding, steel-making, infrastructure, energy, electronics, automobile and semiconductor industries. Many of its conglomerates have established international reputations and well-recognized brand names.

Along with South Korea's state-owned enterprises, its conglomerates are active international investors seeking opportunities to enter new markets as well as deepen their existing presence.

Its export credit agencies correspondingly play a key role as lender for some of the largest oil and gas, power and infrastructure projects around the world.

With our acute understanding of Korean culture and local knowledge, coupled with a global platform, Korean clients know they can consider us a trusted advisor to help in fulfilling their international ambitions. Moreover, our leading practices are highly synergistic with Korea's principal industries and financial institutions.

Members of our Korea practice are located throughout the Firm's global network and practicing in various disciplines. They are familiar with the needs of Korean clients and have strong ties in the markets in which they practice. This global reach enables us to give Korean clients a unique appreciation of the markets in which they operate—a hallmark of our Firm and its Korea practice.

Hyundai Heavy Industries, ongoing

Representation of Hyundai Heavy Industries (HHI), one of two producers of large power transformers in South Korea, in a major antidumping administrative review in the United States involving in excess of US$100 million per year in sales by HHI.

Kelar power project, 2014

Representation of the lenders, including the Export-Import Bank of Korea (KEXIM), in the financing for the design, engineering, procurement, construction, ownership, operation and maintenance of an up to 517 MW combined-cycle gas power plant located in the Province of Antofagasta, Chile. This matter was named "Latam Power Deal of the Year" in Project Finance International's annual Year Book 2014.

KLPE petrochemical project, ongoing

Representation of KLPE, a joint venture consisting of LG Chem and United Chemicals Company with the proposed development and financing of a US$4 billion petrochemical project in Kazakhstan, including proposed financing from the Export-Import Bank of Korea (KEXIM) and K-Sure. This was nominated for "Korea Deal of the Year" in the 2013 ALB Hong Kong Law Awards.

Oil refinery project, ongoing

We served as lead counsel for an Asian contractor in a US$1.4 billion ICC arbitration concerning a dispute with a state petroleum company arising out of the refurbishment and expansion of an oil refinery and pipelines.

Riyadh Metro project, ongoing

Representation of one of the consortia (comprising Samsung C&T, among others) mandated by the Riyadh Development Authority for construction of one of the packages of lines constituting the Riyadh Metro. The Riyadh Metro system is the largest public transport initiative currently under construction in the world.

Supercritical independent power producer (IPP) project, ongoing

Representation of an Asian engineering, procurement and construction (EPC) contractor in a dispute arising out of the construction of a supercritical IPP project in Indochina.

Yamal liquid natural gas (LNG) project (required to withdraw due to Russian sanctions)

Representation of 13 export credit agencies and other bilateral lenders (including KEXIM and K-Sure) and a syndicate of commercial banks in the proposed financing of the multibillion US$ Yamal LNG project to be located on the Yamal Peninsula in Russia.

Coway USA, 2014

Prevailed in a significant lawsuit in the Superior Court of California on behalf of Coway USA, Inc., a wholly owned subsidiary of Coway Co., Ltd., one of Korea's largest makers of home wellness appliances.

LINE Plus Corporation, 2014

Representation of LINE Plus Corporation in relation to the acquisition of the worldwide business and assets of the digital music service known as "MixRadio" from Microsoft Mobile OY (formerly Nokia's handset business).

South Korean security business, 2014

Representation of UBS Securities Pte. Ltd. in the KRW 360 billion mezzanine financing of The Carlyle Group's US$1.93 billion cash buyout of South Korean security business ADT Korea from Tyco International Ltd. The all-cash acquisition by The Carlyle Group is the largest private equity buyout deal in Korea since 2008. The deal won "South Korea Loan of the Year" at the IFR Asia Awards 2014.

Korea
About

South Korea is one of the world's leading economies and one of Asia's largest outbound investors.

Its biggest companies are today's global leaders in the construction, shipbuilding, steel-making, infrastructure, energy, electronics, automobile and semiconductor industries. Many of its conglomerates have established international reputations and well-recognized brand names.

Along with South Korea's state-owned enterprises, its conglomerates are active international investors seeking opportunities to enter new markets as well as deepen their existing presence.

Its export credit agencies correspondingly play a key role as lender for some of the largest oil and gas, power and infrastructure projects around the world.

With our acute understanding of Korean culture and local knowledge, coupled with a global platform, Korean clients know they can consider us a trusted advisor to help in fulfilling their international ambitions. Moreover, our leading practices are highly synergistic with Korea's principal industries and financial institutions.

Members of our Korea practice are located throughout the Firm's global network and practicing in various disciplines. They are familiar with the needs of Korean clients and have strong ties in the markets in which they practice. This global reach enables us to give Korean clients a unique appreciation of the markets in which they operate—a hallmark of our Firm and its Korea practice.

Experience

Hyundai Heavy Industries, ongoing

Representation of Hyundai Heavy Industries (HHI), one of two producers of large power transformers in South Korea, in a major antidumping administrative review in the United States involving in excess of US$100 million per year in sales by HHI.

Kelar power project, 2014

Representation of the lenders, including the Export-Import Bank of Korea (KEXIM), in the financing for the design, engineering, procurement, construction, ownership, operation and maintenance of an up to 517 MW combined-cycle gas power plant located in the Province of Antofagasta, Chile. This matter was named "Latam Power Deal of the Year" in Project Finance International's annual Year Book 2014.

KLPE petrochemical project, ongoing

Representation of KLPE, a joint venture consisting of LG Chem and United Chemicals Company with the proposed development and financing of a US$4 billion petrochemical project in Kazakhstan, including proposed financing from the Export-Import Bank of Korea (KEXIM) and K-Sure. This was nominated for "Korea Deal of the Year" in the 2013 ALB Hong Kong Law Awards.

Oil refinery project, ongoing

We served as lead counsel for an Asian contractor in a US$1.4 billion ICC arbitration concerning a dispute with a state petroleum company arising out of the refurbishment and expansion of an oil refinery and pipelines.

Riyadh Metro project, ongoing

Representation of one of the consortia (comprising Samsung C&T, among others) mandated by the Riyadh Development Authority for construction of one of the packages of lines constituting the Riyadh Metro. The Riyadh Metro system is the largest public transport initiative currently under construction in the world.

Supercritical independent power producer (IPP) project, ongoing

Representation of an Asian engineering, procurement and construction (EPC) contractor in a dispute arising out of the construction of a supercritical IPP project in Indochina.

Yamal liquid natural gas (LNG) project (required to withdraw due to Russian sanctions)

Representation of 13 export credit agencies and other bilateral lenders (including KEXIM and K-Sure) and a syndicate of commercial banks in the proposed financing of the multibillion US$ Yamal LNG project to be located on the Yamal Peninsula in Russia.

Coway USA, 2014

Prevailed in a significant lawsuit in the Superior Court of California on behalf of Coway USA, Inc., a wholly owned subsidiary of Coway Co., Ltd., one of Korea's largest makers of home wellness appliances.

LINE Plus Corporation, 2014

Representation of LINE Plus Corporation in relation to the acquisition of the worldwide business and assets of the digital music service known as "MixRadio" from Microsoft Mobile OY (formerly Nokia's handset business).

South Korean security business, 2014

Representation of UBS Securities Pte. Ltd. in the KRW 360 billion mezzanine financing of The Carlyle Group's US$1.93 billion cash buyout of South Korean security business ADT Korea from Tyco International Ltd. The all-cash acquisition by The Carlyle Group is the largest private equity buyout deal in Korea since 2008. The deal won "South Korea Loan of the Year" at the IFR Asia Awards 2014.