Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

Yoon & Yang maintains the firm’s close rapport with regulatory bodies by recruiting former staff members. Though the firm only added one associate, Hyun Suk Jung, in the last year, he was hired from the powerful Financial Supervisory Commission.

On the capital markets front, partner Young-Jae Shin has been quite active. In one deal highlight, Shin acted for several private equity funds in a KRW420 billion (US$380 million) sale of 3.4 million Mando Corporation shares to Morgan Stanley, Macquarie Securities Korea, and Citigroup Global Markets Korea Securities.

Yoon & Yang boasts an impressive list of clients, including Korean Development Bank, Eland Retail, Donbu Securities and Pureun Mutual Savings Bank. The firm’s M&A practice is growing, and has added three associates. Peers, however, question some of the firm’s recent mandates.

Deal highlights include advising the Korean Development Bank on a KRW480 billion (US$430 million) deal in which it established a private equity fund with Korea National Pension Service to acquire 66% of Kumho Life Insurance. Yoon & Yang also handled the sale of 84% of Pureun 2 Mutual Savings Bank to Orix Japan in a deal worth KRW119 billion (US$107 million).

Barun Law

Barun Law partner Kitai Park and senior foreign attorney Tom Pinansky have advised governments on several large real estate transactions this year. In one deal highlight, Park and Pinansky are representing the US Government on the establishment of a new diplomatic compound in Seoul worth over US$1 billion. The two attorneys are also advising Taubman on the development of the Songdo City Shopping Centre in Incheon, reportedly the largest greenfield shopping centre in Korea.

Hankylu Hanul

Partner Kil Ho Shin of Hankyul Hanul handled a construction dispute for the Korea Rail Network Authority against another state owned entity, Korea Railroad. In the arrangement, Korea Rail Network pays Korea Railroad quarterly. However, in 2009, Korea Rail Network found deductible VAT input tax in Korea Railroad’s business expenses that would have equalled KRW88 billion. The dispute was resolved by mutual consultation.

Yoon & Yang

Yoon & Yang was involved in two of the largest cross border real estate transactions this year. Partner Young Sun Cho advised the National Pension Service of Korea in its €585 million acquisition of a 95% stake in Sochribel GmbH, the owner of Sony Centre buildings. The National Pension Service acquired 51% of the stake outright in O’Parinor shopping mall, and also acquired an additional 24% stake through a special purpose company in Luxembourg for €228 million.

Yoon & Yang has an impressive list of clients in the litigation space, having represented Seoul Guarantee Insurance, SK Gas, SK Energy, Air Hong Kong, Intel Corp and Cathay Pacific Airways, among others.

It defended Shinhan Bank, Woori Bank and the Industrial Bank of Korea against 16 claimants seeking up to KRW100 billion (US$90 million) compensation for damages relating to currency option derivative contracts with ‘Knock-In Knock-Out’ (Kiko) conditions.

Partners Sung Bom Park and Sinsung (Sean) Yun are leading the defence of SK Gas and SK Energy in their appeal to the Seoul High Court to repeal an administrative surcharge of KRW669 billion (US$600 million), the highest ever issued by the Korea Fair Trade Commission.

Peers say that Yoon & Yang has not yet fully recovered from losing former IP head Duck Soon Chang to Kim & Chang. However, the firm’s practice holds steady in the rankings this year, recruiting a handful of new associates. The firm also has a lengthy and notable client list, including Salvatore Ferragamo Italia, Ewha Women’s University, Yahoo! Korea, Otis Elevator Company and Wallbee Commerce.

Partner Wonil Kim has acted for Korean broadcasting channels KBS, MBC and SBS regarding the retransmission of their signals by cable system operators CJ Hellovision and My TV in two separate cases. The case against CJ Hellovision could reshape nationwide broadcasting rights of linear broadcasting systems and could require cable system operators to pay compensation for re-broadcasting signals.

In another pending case with a high profile client, head partner Dong Ho Ong advised Salvatore Ferragamo Italia regarding copyright infringement by Keumkang, the largest shoe manufacturer in Korea.

This firm is one of the few that has bolstered its practice, hiring a handful of associates this year. Its body of work has also expanded with the practice now representing prestigious clients like Korea Film Production Association, KBS, OBS, Yahoo! Korea and SK Telecom.

In a pending case with potentially enormous consequences, partners Wonil Kim and Jinsu Jeong are representing nationwide linear broadcasting channels KBS, MBC and SBS regarding retransmission of their content. This dispute will answer the question of whether cable companies will be compensated for their retransmitted material.

Yoon & Yang has strengthened its practice by hiring partner Dae Hwi Kim, formerly Chief Judge at the Seoul Family Court.

Lead partner Hae Duk Jung advised SK Shipping and its foreign subsidiaries in rehabilitation proceedings involving US$20 million damages caused by Samsung Logix’s breach and termination of charter.

In another highlight dispute, Jung is advising DHL Global Forwarding Korea in a suit by an insurer seeking indemnity against both DHL and Korea Air for damage to cargo. This case will determine the extent to which the two companies share liability for the damage.

Partner Oh-Young Jeon, head of Yoon & Yang’s tax practice, is one of the most active and well respected tax attorneys in Korea.

Oh-Young Jeon and Seung Soon Lim are acting for Samsung-Veolia Incheon Environment against the Minister of the Ministry of Strategy & Finance in a pending KRW5.9 billion dispute over tax exemption for foreign investment by French company Veolia Water under the Foreign Investment Promotion Act. The tax was repealed by an appellate court, but is now ongoing in the Supreme Court.