South Korea has again been ordered to pay Elliott Investment Management about $48.49 million, or 65.8 billion won, plus delayed interest over losses tied to the 2015 merger of Samsung C&T Corp. and Cheil Industries Co. The remanded Investor-State Dispute Settlement tribunal found a causal relationship between the government’s intervention supporting the merger and Elliott’s damages, restoring liability at the same damages amount imposed in the original 2023 award. The decision followed a partial annulment by a UK court, which found that the National Pension Service could not be treated as a state agency but directed the tribunal to reassess whether government intervention in its decision-making caused Elliott’s losses. Elliott filed its Korea-U.S. Free Trade Agreement claim in 2018, seeking $770 million and alleging unfair government involvement in the National Pension Service’s voting process. Elliott previously said its award, including damages, interest and other costs, totaled about $113 million.