K&P Law Firm - International Law Firm in Incheon, South Korea

Supreme Court Decision 200153349 Decided March 25, 2004 [Damages] For an agreement of exclusive international jurisdiction to be valid when it designates the foreign court as the court of competent jurisdiction while excluding jurisdiction of a Korean court, the case in question must not fall under the exclusive jurisdiction of a Korean court, and the designated foreign court must possess jurisdiction over the case under the foreign law; in addition, the case in question must bear reasonable relevance to the foreign court. Except cases where the agreement for exclusive jurisdiction is obviously unreasonable and unfair to the extent of constituting a juristic act contrary to public order and good morals, the agreement of jurisdiction is valid.

Foreign investors require reassurance that the companies in which they are making investments are well managed, the invested funds are being deployed strategically, and the management team and board of directors are behaving in an ethical and legal manner. We perform comprehensive monitoring activities on behalf of foreign investors that include the following services:  Ensuring the terms and conditions of the investment or joint venture agreement are being upheld.  Verifying how funds are being invested. Ensuring the CEO, management team, and members of the board are complying with legal and ethical requirements. If we detect any misdemeanors or discover any evidence of malpractice, we will notify investors of our findings and immediately take some or all of the actions outlined below to protect foreign investors. Request access to the company ’ s financial accounts for auditing purposes. Demand that a shareholders ’ meeting is arranged and that any personnel inv

We provide foreign-funded enterprises with a range of legal services. It often arises that a foreign-funded enterprise must clarify legal issues for foreign investors. We provide clear explanations of South Korea’s legal regime as it relates to foreign investment and advise on the action required from investors. In addition, we have a wealth of experience providing advice to investors from the US, Singapore, Malaysia and Australia on policy and its implementation. Our role in criminal and civil litigation is to act as an effective channel of communication between foreign-funded enterprises and foreign investors. To achieve this, we explain the legal issues in play and the support that investors should be seeking and also provide our assessment of the likely outcome of the case. Taejin Kim, partner attorney at K&P Law Firm taejin.kim@kimnpark.com Please visit our   homepage   : Click  

Q : The standard for determining whether the public policy of the enforcing country would be violated by the recognition and enforcement of arbitral awards in light of  Article 5.2 (b) of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards  (New York Convention), which provides grounds for refusal of recognition and enforcement of foreign arbitral awards A :  Article 5 of the New York Convention limits the grounds to refuse enforcement of arbitral awards. Article 5.2 (b) provides that a court of law in the country where the recognition and enforcement  is  sought may refuse if either the recognition or the enforcement of the award would be contrary to public policy of that country. A refusal is not contrary to public policy if the recognition and enforcement of a foreign arbitral award  does  not  effect  the fundamental moral norms and social order of the enforcing country is preserved. In determining whether public policy is violated, a court of law shou

Provisional Seizure, Seizure and Collection Order in South Korea Q : Can a person who became an assignee of a claim after a provisional seizure order against the claim had been served on the garnishee file a suit for performance of the claim against the garnishee ? A : Yes Because the provisional seizure against claims generally prevents only the collection by the provisional seizure obligor from the garnishee, the provisional seizure obligor can file a suit for the performance against the garnishee and the court cannot reject such claim because of the provisional seizure; the assignment of claims refers to a contract to assign the claims from the former creditor, the assignor, to the new creditor, the assignee, while maintaining the identity of the claims; a claim is assigned from the assignor to the assignee without losing its identity; the claims subject to the provisional seizure can be assigned without being subject to any restrictions; provided, that the assignee of the cla

Enforcement of a Judgment of a Foreign Court in South Korea A judgment rendered by a foreign court or a judgment acknowledged to have the same force (hereinafter referred to as "judgment") shall be recognized and executed in South Korea if all of the following conditions are met: 1.     The judgment is final and conclusive; 2.     The international jurisdiction of the respective foreign court is recognized under the principle of international jurisdiction under the statutes or treaties of the Republic of Korea; 3.     The defeated defendant was served, via a lawful method, a written complaint or document corresponding thereto, and notified of the date of written order allowing him/her sufficient time to defend (excluding cases of service by public notice or similar), or he/she responded to the lawsuit without having been served such documents; 4.     The approval of the respective judgment does not undermine sound morals or other social orders of the Republic o