OFAC Authorizes South Korean Payment to Iranian Investor
The Office of Foreign Assets Control authorized the South Korean government to deliver a compensation payment to Iran's Dayyani Group under a 2018 investor-state dispute settlement, South Korea said Jan. 12. South Korea said it received a specific license from…
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OFAC to allow it to compensate the Iranian investor group for its failed acquisition of South Korea’s Daewoo Electronics. The payment stemmed from a 2018 ruling by the International Center for Settlement of Investment Disputes, which ordered Seoul to pay the Dayyani Group about $63 million, The Korea Herald reported. South Korea said it had not been able to follow through with the payment due to U.S. sanctions but will now be able to send the money after receiving the specific license from OFAC Jan. 6.