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Wednesday, 12 January 2022 (YJC)_ The South Korean Foreign Ministry announced that it has received permission to pay a 12-year deferred compensation to an Iranian investor from the US financial system.
The South Korean Foreign Ministry announced today that the United States has allowed the US government to pay arrears to the Iranian religious group in accordance with the order of the International Center for the Settlement of Investment Disputes (ISDS) in 2018.
According to the ministry, the US Treasury Department's Office of Foreign Assets Control (OFEC) issued a "special permit" on January 6 to allow the Korean government to compensate an Iranian investor for the failed ownership of Daewoo Electronics in 2010. .
South Korean Deputy Foreign Minister Choi Jong-kan met with US Special Representative for Iran Robert Mali in Vienna earlier this week on the sidelines of talks.
The International Center for the Settlement of Investment Disputes (ISDS) in June 2018 ordered the Korean government to pay the Diani Group about 73 billion won ($ 63 million), but this payment was not made due to US sanctions.
The ministry said the special case-by-case authorization would allow the Korean government to use the US financial system to send money to the religious group. The exact amount to be sent will probably be determined through further consultations.
According to the South Korean Foreign Ministry, "the permit is expected to quickly complete the ISDS case with the Diani Group, which is one of the unresolved issues between Seoul and Tehran, and is expected to help improve bilateral relations."
Seoul officials say the fate of $ 7 billion in Iranian assets frozen in South Korean banks still depends on the outcome of Iran's negotiations with the Group of Four plus one.
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