SEOUL, Oct. 29 (UPI) -- South Korea's Mirae Asset Global Investments said Wednesday it would take legal action against North America's Brookfield Asset Management unless Brookfield returns $140 million related to a collapsed property sale in Seoul.
Mirae Asset noted that it made the decision after Brookfield failed to comply with a Singapore International Arbitration Center ruling, which required the company to return that amount and associated costs to Mirae Asset by Tuesday.
Earlier this month, the arbitration center ruled in favor of Mirae Asset in a three-year dispute over the failed sale of the International Finance Center in western Seoul, a mixed-use complex composed of three office towers, a shopping mall and hotel.
"Until the arbitration award is fully enforced, Brookfield will bear full responsibility for the accumulation of daily interest and additional damages," Mirae Asset said in a statement.
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