Mason Capital and Mason Management LLC v. Republic of Korea (PCA Case No. 2018-55)

international arbitration

CRA’s Tiago Duarte-Silva was retained to testify on behalf of Mason Capital Management, a privately-owned hedge fund sponsor, in a PCA arbitration against the Republic of Korea. Dr. Duarte-Silva assessed losses to the claimant’s investment in Samsung C&T pursuant to its high-profile merger with Cheil Industries revealed to have been tampered with by South Korean officials. In reports and hearing testimony, he opined on the fair market value of the claimant’s investment based on sum-of-the-parts valuations of the merging conglomerates.

These opinions involved a wide array of finance and accounting skills, including various valuation methods, counterfactual analyses, stock market efficiency tests, and event study analyses, in support of the damages claimed, which totaled over $250 million.