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AMCHAM Korea

[Webinar] Surviving COVID-19: Force Majeure, Government Support & Other FAQs

2020.04.22

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April 22, 2020 – The American Chamber of Commerce in Korea (AMCHAM) hosted a webinar on April 22 with the theme “Force Majeure, Government Support & Other FAQs.” The guest speakers were Robert Young, Michael Chang and John Kim, senior foreign attorney and Kyoung Soo Chang and Young-Seok Ki, partner from Shin & Kim.

 

About the Speaker

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Robert Young, Senior Foreign Attorney, Shin & Kim

Robert C. Young is a senior foreign attorney of Shin & Kim and has been a foreign attorney in Seoul, Korea since January of 1998. Robert specializes in the areas of mergers and acquisitions, real estate and general corporate matters.

As a result of his broad experience in mergers and acquisitions, private equity and foreign investments, he has been engaged in many high-profile cross-border transactions, leveraged buyouts, restructuring M&As, joint ventures and alliances. Robert also has assisted private equity funds (onshore and offshore) and venture capital with establishment, investments, operations and eventual listing or strategic sale.

Click to view SPEAKER’S FULL BIO


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Michael Chang, Senior Foreign Attorney, Shin & Kim

Michael is a senior foreign attorney at Shin & Kim whose principal areas of practice are banking & finance, infrastructure, energy and M&A. Michael has broad ranging commercial law experience across a number of jurisdictions, including Australia, Singapore, Indonesia, Cambodia, the Philippines, Peru, USA, Canada and Vietnam. He has acted for banks, infrastructure funds, strategic investors and governmental agencies in a wide range of sectors, including infrastructure, media, power, mining, property development, hotels and transport. His clients have included Macquarie Bank, The Walt Disney Company, Shinhan Bank, Kohler Co., John Deere & Co., Kookmin Bank, Thomson Reuters, ACE Insurance, Standard Chartered, Australia and New Zealand Banking Corporation, Woori Bank and Volvo Financial Services.

Click to view SPEAKER’S FULL BIO


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Kyoung Soo Chang, Partner, Shin & Kim

Mr. Kyoung Soo Chang is a partner at Shin & Kim. Mr. Chang’s main areas of practice include Real Estate, Labor and M&A.

[Education]
2009: University of Washington School of Law (LL.M.)
1995: Seoul National University, College of Social Science (B.A.)​

[Professional Career]
2003-Present: Shin & Kim LLC
2001-2003: Judicial Research & Training Institute, the Supreme Court of Korea

Click to view SPEAKER’S FULL BIO


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Young-Seok Ki, Partner, Shin & Kim

Mr. Young-Seok Ki is a partner at Shin & Kim. Mr. Ki’s main areas of practice include labor and employment matters, labor disputes, corporate governance, mergers & acquisitions, hostile takeovers and general corporate transactions.

Mr. Ki received a LL.M. from University of Washington School of Law and worked as a foreign associate at Allens Arthur Robinson’s Ho Chi Minh office in Vietnam. 

Click to view SPEAKER’S FULL BIO


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John JungKyum Kim, Senior Foreign Attorney, Shin & Kim

John JungKyum Kim is a senior foreign attorney at Shin & Kim whose principal areas of practice are insurance, banking & finance and corporate. Mr. Kim advises leading global insurers, reinsurers, producers, policyholders, insured parties and other interested parties on matters such as the formation and licensing of insurers/reinsurers and related business entities, drafting and negotiating insurance and reinsurance related commercial contracts, outsourcing of information technology and other forms of business delegation, product development and policy wording, marketing and solicitation practices, coverage opinions and disputes, sale and purchase of businesses, transactions between affiliates and subsidiaries, international and cross-border sales of insurance/reinsurance, regulatory compliance, insolvency proceedings and government relations on behalf of clients in the insurance industry. In addition, he actively supports clients in hotels and casino, healthcare, technology and media, education, energy and other multinationals in an array of diverse matters involving regulatory compliance, employment and labor, transactional and dispute resolution work.

Webinar Brief

While at the moment, South Korea seems to have flattened the curve since the outbreak first began in late January, the COVID-19 situation continues to evolve.

 

AMCHAM Korea hosted a morning webinar featuring partners from Shin & Kim on some of the most commonly asked questions they have been receiving from clients on the impact of COVID-19 on their business in Korea.

 

Our speakers have focused on key issues - as well as government measures & policies - relating to the:

 

1) Real estate & hospitality sectors;

 Government Measures to Assist Landlords/Tenants

Government orders premises to be closed or restricts use
Landlord voluntarily reduces rent (“Good Landlord Program”)

Other benefits / incentives

 Key Issues & Implications – Real Estate

Use of force majeure to terminate, delay or relieve performance obligations under a lease agreement

Other relevant statutory/legal rights 

 

2) Insurance industry;

Global Impact on Lines of Insurance

Overview of Business Interruption Coverage

Exclusions to Business Interruption

The Korean “Package Insurance” Policy

Interruption of “Physical Damage”

Preliminary Korean Governmental Policy Statements

Insurance Checklist 

 

3) Labor & employment implications 

 Key Issues & Implications – Labor

Obligation to Prevent, Protect and Respond.

Be Proactive by Checking Available Measures

Manage Labor Cost

Government Measures for Employers/Employees


Full Details

Please refer to the following link for full content access on AMCHAM webinar:
https://youtu.be/fHmcBavB_cA