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29 Aug 2016

Successfully Represented Ministry of Strategy and Finance in Lawsuit Involving Financial Sanctions against Iranian Bank

Yulchon successfully persuaded the Supreme Court of Korea to dismiss a claim filed by Bank Mellat, an Iranian Bank, against the Ministry of Strategy and Finance (“MSF”) in relation to MSF’s decision to restrict Bank Mellat’s financial transactions within Korea.

 

Bank Mellat complained that the MSF’s restrictions against it must be cancelled and invalidated because they were unlawful both procedurally and substantively. On behalf of the MSF, Yulchon provided meticulous legal arguments to support the validity of the MSF’s decision in harmony with global sanctions against Iranian institutions, thereby convincing the Supreme Court of Korea to dismiss Bank Mellat’s claim.

 

This victory makes the MSF the only government agency that has prevailed in a case involving Iranian financial sanctions. Other governments lost their cases in similar litigations in the European Union and the U.K in relation to a number of administrative measures against Iranian entities. The U.S. Department of State also acknowledged the significance of this case, as demonstrated by recent remarks from the U.S. Assistant Deputy Secretary of State during his visit to Korea. Through this case, Yulchon demonstrated its expertise and competence among domestic and foreign clients on matters involving various sanctions against Iran.

 

Hae Sik Park, Yonghee Yoon, and Nam Jin Park of the Antitrust & Competition Group, Tong-Chan Shin of the Corporate & Finance Group and Kyung Geun Lee of the Tax Group handled the matter.   

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