Seoul: Mirae Asset Global Investments Co. has been compensated a total of 283 billion won (US$193 million) by Toronto-based Brookfield Asset Management Ltd. This payment includes a down payment, delayed interest, and legal costs following a failed transaction to acquire a shopping mall situated in downtown Seoul, according to industry sources.

According to Yonhap News Agency, in 2021, Brookfield selected Mirae Asset as the preferred bidder for the sale of the IFC Mall, receiving an initial down payment of 200 billion won. However, the deal was unsuccessful due to Mirae's real estate investment trust not gaining the necessary approval from South Korean authorities for financing the acquisition.

The fallout from the failed deal led Brookfield to accuse Mirae Asset of negligence and subsequently refuse to return the down payment, resulting in a legal battle between the two firms. The legal dispute began in 2022 and culminated in a ruling in October by the Singapore International Arbitration Center (SIAC). The SIAC determined that Brookfield was obliged to return the down payment to Mirae Asset.

IFC Mall, the center of this legal dispute, is located in Yeouido, a prominent financial district in western Seoul. The mall is a significant commercial complex featuring office spaces and the Conrad Seoul hotel.