A panel under the Hague-based Permanent Court of Arbitration (PCA) dismissed a 770 billion-won (US$566 million) damages claim brought by six members of Iran's Dayyani family against South Korea. The claim concerned Seoul's delayed payment of an earlier arbitration award linked to the failed 2011 sale of a major Daewoo Electronics stake. The panel found that South Korea had not discriminated against the Dayyanis and accepted the need for approval from OFAC (U.S. sanctions enforcement agency) in light of sanctions on Iran and global economic conditions. The Dayyanis were ordered to pay South Korea about 4 billion won in legal expenses and around 800 million won in administrative fees.