US allows South Korea to pay compensation to an Iranian investor

SEOUL, Jan. 12 (Yonhap) — The United States has allowed the South Korean government to pay compensation owed to Iran’s Diani Group in its 2018 Investor-State Dispute Settlement (ISDS), the Seoul Foreign Ministry announced Wednesday.

L’Office of Foreign Assets Control (OFAC) du département du Trésor américain a délivré le 6 janvier une “licence spéciale” autorisant le gouvernement sud-coréen à indemniser l’investisseur iranien pour l’éche dechec du Electronic 2010 Ministry.

Earlier this week, Vice Foreign Minister Choi Jong-kun met with US special envoy to Iran Robert Malley in Vienna on the sidelines of talks to restore the 2015 Iran nuclear deal.

In June 2018, the International Center for Settlement of Investment Disputes (ICSID) ordered the Seoul government to pay about 73 billion won ($63 million) to the Diani family, but the payment has not been made due to US sanctions on Iran.

The department said the special license, which is issued on a case-by-case basis, will allow the government to use the US financial system to send money to the Diani family. The exact amount to send will likely be determined during follow-up consultations.

“The license should be an important basis for quickly concluding the ISDS deal with the Diani family, which is one of the outstanding issues between South Korea and Iran, and should help improve bilateral relations,” the ministry said in a press release.

Leave a Reply

Your email address will not be published. Required fields are marked *