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[Alpha Biz=(Chicago) Reporter Kim Jisun] Woori Bank has decided to appoint Yulchon, a law firm, to respond to a lawsuit against Iran's Melat Bank to return KRW 20.2 billion in frozen funds.
The Bank Mellat Seoul branch filed a lawsuit against Woori Bank in September for the return and interest payment of 20.2 billion won in funds, which had been frozen under U.S. Iranian sanctions.
According to the financial and legal circles on the 4th, Woori Bank recently decided to appoint Yulchon as a litigation representative and proceed with a lawsuit with Bank Mellat. The lawyers included Middle East and financial experts in Yulchon.
In September, Bank Mellat filed a lawsuit against Woori Bank to return the deposit of about 20.2 billion won, which was frozen from November 2018, and to pay 6% per year until the date of delivery of the collection and 12% per year until the date of return of the money. According to Melat Bank's request, Woori Bank has to pay about KRW 6 billion in interest.
The Bank Mellat's attorney is represented by law firm KL Partners. KL Partners served as a legal representative for Lone Star in the 6 trillion won investor-state dispute settlement (ISDS) lawsuit of the Korean government with Lone Star, a US private equity fund (PEF) operator. KL Partners is mainly in charge of international lawsuits, including legal representation in three lawsuits filed by foreign companies, including Lone Star, against the Korean government.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
