Counterstrike
Elliott Management is losing trust due to its overreaching actions in the litigation against Samsung C&T and Cheil Industries.
For example, Elliott Management committed a breach of contract by using EY Han Young’s corporate value analysis report as evidence for a claim in court, without the consent of the accounting firm, that a merger between Samsung C&T and Cheil Industries is unfair. According to EY Han Young, the transmittal letter was deleted in the report Elliott Management submitted to the court, which constitutes falsification. EY Han Young is going to ask the court to not adopt the report as evidence, while taking legal action against appropriation of the report.
In addition, Elliott Management posted incorrect information on its official website about a liaison with Samsung C&T, and then corrected it. This has caused Deloitte Anjin to sue Elliott for the spread of false information. At present, Deloitte Anjin is providing advisory services to Samsung C&T.
“Both the court and the litigants are losing their trust in Elliott Management in the wake of its falsification of information, intentional appropriation of documents drawn up for other purposes, posting of wrong information on its official website, etc.,” an industry insider pointed out.