Ministry of Justice turns 13-year international investment dispute into web novel

South Korea's Ministry of Justice is transforming a complex, 13-year international investment dispute with the U.S. private equity firm Lone Star Funds into a free web novel. Titled 'Caliber, War of 7 Trillion Won,' the series aims to demystify the intricate legal battles for the general public.

The web novel draws from interviews with current and former prosecutors, officials, and legal aid officers who participated in the proceedings. It recounts the legal arguments, the arbitration process at the Singapore International Chamber of Commerce (ICC), and behind-the-scenes details leading up to the final ruling. To protect privacy, real individuals are represented by fictional characters.

To date, 63 episodes have been published, with explanations of legal terms provided at the end of each installment. The ministry stated the decision to use a web novel format was driven by a desire to increase accessibility, as traditional white papers often use difficult language. The goal is to ensure the story reaches a wider audience.

The dispute began in January 2012 when Lone Star sued the South Korean government for $4.68 billion (about 7 trillion won) at the International Centre for Settlement of Investment Disputes (ICSID), alleging intentional delays in approving the sale of Korea Exchange Bank. An ICSID tribunal initially ordered South Korea to pay Lone Star $216.5 million in August 2022. However, in November of the following year, South Korea's argument of procedural violations during the arbitration process was accepted, nullifying the compensation claim.

“

We decided to publish it in the form of a web novel because if we published a white paper, the accessibility would be low due to the difficult and stiff words, so we wanted to make it easy for people to see.