바카라사이트 주소

Representing the Korea National Oil Corporation (“바카라사이트 주소”), Barun won the lawsuit against Hyundai Heavy Industries (which was represented by Lee & Ko and Kim & Chang at the high court and the Supreme Court of Korea, respectively) in relation to the development of an overseas oilfield. The case is meaningful in that it is an unprecedent case regarding the development of oil resources in Korea.

바카라사이트 주소 decided to sell some of its shares to a domestic oil development company after acquiring 50% of the development rights in an oil mine in Yemen from the Yemeni government. Accordingly, through bidding, 바카라사이트 주소 transferred 15% and 5% of shares (which can be translated into 30% and 10% on the basis of shares held by 바카라사이트 주소) in the oil mine to Hyundai Heavy Industries and Hanwha for about KRW35 billion and about KRW11.5 billion (which include the evaluation prices and premiums (i.e., compensation) for the shares in the mining lot), respectively.

However, unlike the situation at the time of signing the contract, the relevant circumstances were changed several years after the successful bidding such as a rapid rise in development costs, deterioration of conditions in Yemen, and changes in economic efficiency due to a sharp drop in oil prices. Hyundai Heavy Industries and Hanwha, which judged the profitability of the oil mine to be significantly lowered, filed a lawsuit against 바카라사이트 주소, claiming that they had suffered from damage due to the failure to produce even the minimum volume of oil guaranteed by 바카라사이트 주소.

In the first instance of this case, the court ordered 바카라사이트 주소 to return money received from Hyundai Heavy Industries as premium, determining “It is remarkably unreasonable to let Hyundai Heavy Industries suffer a premium loss because there has been a remarkable change in circumstances that all the parties could not foresee regarding the economic feasibility of the oil lot, which was the objective basis for the contract.”

In response to the district court’s decision, 바카라사이트 주소 changed its counsel from Bae, Kim & Lee to Barun Law (attorneys Suh Myung-Su and Kim Do-Hyung), and reorganized the factual relations and legal theory, doing their best to bring the case to the high court. Barun reversed the district court’s decision, and obtained the decision that 바카라사이트 주소 did not need to return the premium to Hyundai Heavy Industries.

The high court’s decision was based on the following findings: (i) a project to develop oilfields carried a very high risk but could be expected a high return because it required an enormous amount of investment, (ii) it would be impossible to accurately evaluate reserves and economic feasibility from the beginning of development, and reserves and economic feasibility could be specifically identified on the basis of data additionally obtained in the course of conducting the development project, (iii) 바카라사이트 주소 fully provided Hyundai Heavy Industries with materials that it had collected and analyzed until the execution of the contract and (iv) Hyundai Heavy Industries executed the contract on the basis of its independent analysis of profitability. On the other hand, the high court ordered 바카라사이트 주소 to return the premium to Hanwha on the ground that there were bilateral mistakes made in relation to the motives of the contract.

As the parties obtained mixed decisions from the district court and the high court, they engaged in litigation at the Supreme Court of Korea for more than three years. 바카라사이트 주소 finally won the lawsuit at the Supreme Court of Korea.

As the Supreme Court of Korea decided to quash and remand the lower court’s decision on Hanwha, it appears that 바카라사이트 주소 would be determined that it does not have any liability against Hanwha.

The client lost the case before the district court. 바카라사이트 주소 also lost the appeal filed against Hanwha on the same grounds.

Our attorneys thought that they could never win the case when they would repeat the previous arguments. They decided to come up with a new solution and strategy. They requested the court to summon the best expert in Korea as witness, and listened to his opinion regarding the uniqueness and uncertainty carried by an oil development project and international commercial practices relating to the sale and purchase of shares in oil lots. They also requested the court to summon the employees of 바카라사이트 주소 in charge of the project who were then dispatched to foreign countries, and compiled every detail of factual background from the beginning and the ending of the case in order to repudiating the plaintiffs’ allegations.

On the basis of these efforts, our attorneys were able to obtain a new decision, reversing the lower court’s decision.

Even though the lower courts determined that 바카라사이트 주소 was liable for the plaintiffs on the grounds of the “cancelation of a contract by changes in circumstances” or the “common mistake made in relation to motives,” the lower courts would hold 바카라사이트 주소 partially accountable for the resource development failure.

However, the lower courts ignored the characteristics of an oil 바카라사이트 주소 project in which investors could earn high return against high risk based on uncertainty. The lower courts’ decisions were also incompatible with the principle of maintenance of contracts and the principle of self-responsibility for executing a contract. If such decisions were upheld as precedents, we could not rule out the possibility that an investor of a resource 바카라사이트 주소 project, including an oil 바카라사이트 주소 project intentionally proposes a high price to win the project, and then exercises its right to cancel the contract against the seller to pass all the risks to the seller. If such decisions were finally entered, Korea could be regarded as pushover and there would be a concern over the outflow of national wealth. The highest court exactly analyzed the risks and delivered the wise decision that could remove such risks.

Attorney Kim Do-Hyeong who dealt with the case said, “It will be the case that I will never forget because it was not an easy case for me because I had to understand professional terminology and the entire process of oil 바카라사이트 주소. I am proud that I have contributed to the creation of a precedent that recognizes the characteristics of the resource 바카라사이트 주소 project, and I hope that this ruling will be an opportunity to further develop the energy and resource 바카라사이트 주소 projects, which is the foundation of the industry.”