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( Lyou Byung-woon ) 홍익대학교 법학연구소 2023 동북아법 Vol.15 No.-
In the face of Lone Star's claim for damages against Korea in ICSID arbitration, some experts expected damages of up to 3 trillion KRW, but the Arbitral Tribunal ordered Korea to pay 289 billion KRW in damages to Lone Star Fund in connection with the prolonged sale of KEB. The amount the Korean government has to pay is only about 5% of what Lone Star claimed. The Tribunal considered that Lone Star's criminal conviction in relation to the KEB card stock price manipulation case could be seen as so-called cheat and run. Lone Star Fund v. the Korea case put to rest the concerns of some Koreans who doubted the fairness of ICSID arbitration. Anti-American Koreans objected to the United States-Korea Free Trade Agreement (KORUS), which contains provisions designedto protect foreign investors who may initiate arbitration against Korean or the United States government under the UNCITRAL Arbitration Rules or the ICSID Convention. The anti-American Koreans argued that Korea renounce its judicial sovereignty by the ICSID arbitration jurisdiction clause of KORUS for investor-state disputes (ISD). Contrary to what they claim, the ICSID arbitral tribunal in this case was fairly impartial and was not influenced by the United States. The Korean government should take this case as an opportunity to thoroughly reflect on its mistake of hastily selling Korea Exchange Bank to Lone Star, a kind of vulture fund, at a bargain price.
Policy of Korean Government for Virtual Currency and Block Chains: from Absurd to Chaos
( Lyou Byung Woon ) 홍익대학교 법학연구소 2017 동북아법 Vol.11 No.-
Virtual currency is one of the seriously controversial issues in Korea. Until now Korean government does not clarify the direction for virtual currency policy. So, this article tries to explore a proper way of Korean government for virtual currency. Upon the absence of any legal framework, at first, Korea should legally define what virtual currency is. It is necessary to distinguish virtual currency with blockchain technology which serves a platform for virtual currency. Second, based on the legal definition, the Korean government will try to find out real risks and anticipated potential risks of virtual currency transactions and the related financial services. This article recommends the government an objective and scientific risk assessment process for the better recognition. Particularly, the government should disregard certain abstract concepts describing virtual currencies. Third, the Korean government will design a system and instrument to eliminate, to avoid, to reduce, or to control the risks, particularly the serious ones. Above all things, the government should prevent virtual currency from funding criminal activities and from using for fraudulent scheme and money laundering. Young Koreans who are dreaming of getting rich overnight through virtual currency should be saved from their addictive speculation. Such a dream is likely to turn into a nightmare soon. Also, international cooperation is required to adopt minimum standards for virtual currency transactions and to make those standards enforceable. If the Korean government would assure that it could eliminate or control the risks of virtual currency transactions and related services, it could legitimize the transactions step-by-step.
The Pursuit of “The Declaration of a Formal End of the Korean War” : A Disguised Peace Show
( Lyou Byung-woon ) 홍익대학교 법학연구소 2022 동북아법 Vol.14 No.-
The language of “Declaration of a Formal End of the Korean War” seems very peaceful. However, Moon Jae-in's argument for an end to the Korean War declaration has the potential to nullify the peacekeeping function of the 1953 Armistice Agreement as a treaty. The “No Unconstitutional Strike Against North Korea Act of 2020” in the United States that was being pursued along with that an end to the Korean War declaration was an attempt to bind the United States hands so that it would be difficult to effectively respond to the North Korean nuclear issue. In addition, the declaration of an end to the war will lead to the dissolution of the UNC and the withdrawal of the US from Korea. By consistently pursuing unification and foreign policy that meets North Korea's preferences, Moon Jae-in is not solving the North Korean nuclear problem, but rather is only giving Kim Jong-un time to enhance North Korea's nuclear capabilities.