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The treaty’s examples of investments are merely illustrative
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Attributability issues are not jurisdictional in character and cannot be reviewed at annulment stage
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An investment is not necessarily “marketable”
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“Investment” is defined as either the resources invested in an asset, or the asset itself
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No objective definition of investment
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Indirect shareholders can claim under the BIT
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Claimants invested “in the territory” of South Korea
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Korean statements before US court conclusively prove attribution of KAMCO conduct
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Claimants receive costs, but tribunal declines to reimburse 5% success fee
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Failed Daewoo restructuring bid underpins BIT claim
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Majority orders contractual deposit amount as compensation, plus interest; dissenter sees no loss
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Contractual rights in Daewoo sale agreement, and deposit paid, amount to investment
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No grounds to apply ‘Salini’ criteria in non-ICSID case
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Jurisdictional and standing objections dismissed
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Tribunal splits on when contract terminations can breach FET
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Tribunal finds pretextual contract termination in bad faith
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Other claims found unnecessary to address
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Failure to return contractual deposit following bad faith termination breaches FET
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