IPG Prevails in Lawsuit for American Veteran Shot by a Korean Police Officer

An IPG Legal attorney was quoted by the Korea Times in a case in which a U.S. Army Veteran was negligently shot by a Korean police officer. IPG Legal prevailed in obtaining a civil damages award and also persuading the Korean Prosecution to indict the police officer responsible for the injuries. For a prior article on this issue please see: American Shot by Korean Police Officer. Attorney Jiwon MIN was quoted in the article. “It is meaningful that the court

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Language Supremacy Clauses in Korean Agreements Governed by Korean Law

A language supremacy clause dictates what language governs the interpretation of a contract. Many international contracts are drafted in multiple languages. However, because of the complexity of legal terms, lack of precision in certain languages, the nature of language translation, and other local realities it is best to choose a governing language to avoid the issue of an alleged discrepancy between the Korean and English-language versions of the contract. In most cases, we advise choosing English as the governing language

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Laying off an Employee in Korea: Korean Law on Corporate Downsizing & Redundancy

Reducing the headcount in Korea can be difficult, time-consuming, and costly without the use of an accountant and a proactive attorney. Article 24 of the Labor Standards Act of Korea governs the dismissals of employees for managerial reasons. This is the main applicable law for making an employee redundant. For a general article on terminating an employee in Korea please see: Terminating an Employee in Korea. For an employer employing “employees” in Korea to legally terminate under Article 24 of

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Squeezing-out Minority Shareholders under Korean Corporate Law

The amended Commercial Code of Korea provides for “squeeze-out” rights for shareholders holding 95% or more of the shares of a company. This Korean law was promulgated in April of 2012. The law also provides for a right of minority shareholders of Korean companies to demand a “sell-out.” It seems possible, under the very vague wording of the amended clauses, for a sell-out to take place at the same time as a squeeze-out with the potential of conflicting appraisals and

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Opening & Managing a Bank Account in Korea

My friends at the Korean Tax Blog have an article on some difficulties with banking in Korea. I recommend reading the article. The blog post notes, in part, that: “I have often received questions from foreigners about the banking system in Korea. Even for Koreans, it is notoriously complicated. Although difficult to adequately explain the nuances of Korean banking (and the numerous issues surrounding online banking caused by Internet Explorer), I offer you a general guideline for using our system.

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Establishing Business with Korea via an Agent: Korean Agency Law Basics

For some companies wishing to establish business with Korea, the use of a commercial agency relationship may be an ideal way to establish your business presence in Korea. However, this type of agreement comes with risk. Please see: Termination of an Agency Agreement in Korea. https://www.thekoreanlawblog.com/2020/08/distribution-agreement-termination-korea-law.html An agent relationship is often ideal when a company seeks to sell its products in Korea, but wishes to first evaluate and familiarize itself with the Korean market prior to establishing a distributorship relationship

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Forming a Joint Venture in Korea, China & Southeast Asia: Listen to My Mother

My mother often told me, when I was much younger, to look both ways before crossing the street; carry an umbrella in the spring; and don’t go out alone in the dark. The advice can go a long way for Korean companies doing business outside Korea and for expats doing business in Korea. As we all know, Korean companies and many foreign companies lament over the fact that it is nearly impossible for Korean companies, with the exception of the

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Is a Bankruptcy in the U.S. “Effective” on Assets in Korea?: Korean Bankruptcy Law Basics

The following article on the interplay between Korean Bankruptcy Law and foreign bankruptcy laws was motivated by a question from a reader from the Korea Times. The following is from a column I used to write for the Korea Times. Please note the present Bankruptcy Law in Korea was amended and the present topic, while interesting, shall not apply to present bankruptcy proceedings. However, take a read – very interesting matter. I shall be posting some of my old articles

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Korea-Ecuador Free Trade Agreement

The Republic of Korea (“South Korea”) and the Republic of Ecuador (“Ecuador”) executed this month a Strategic Economic Cooperation Agreement. Under this agreement between Ecuador and Korea, South Korea shall eliminate tariffs on 96.4 percent of items and Ecuador shall eliminate tariffs on 92.8 percent of items. Korea expects an increase in exports of automobiles, appliances, food products, Korean films, music, and other cultural content. While, Ecuador expects an increase in the export of raw materials including copper, silver, and

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Korea to Allow Visas for Foreign Restaurant Workers: Korean E-9 Visa Updates

The major Korean and English-language vernaculars announced that non-skilled (e.g. not chefs) foreign workers wishing to work in restaurants shall be allowed to be sponsored for E-9 visas by restaurant employers. Restaurants in Korea with less than five workers shall be allowed one visa and restaurants with five or more workers shall be allowed a maximum of two E-9 visas. Additionally, Korea extended, also, the E-9 visa to those working in the Korean forestry and the Korean mining industries. The

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