YOON&YANG

Paul S. Rhee Senior Foreign Attorney

TEL 82 2 6003 7532
FAX 82 2 6003 7033
E-MAIL psrhee@yoonyang.com

Paul S. Rhee is the senior foreign attorney (partner) in the highly-ranked and award-winning Antitrust and Competition Practice Group at Yoon & Yang LLC in Seoul, Korea, which has been designated since 2008 as an ‘ELITE’ competition practice in Korea by Global Competition Review (GCR) with listing as a GCR 100 law firm and, in 2018, won the GCR Awards for “Regional Firm of the Year: Asia-Pacific, Middle East and Africa” and In-House Community Asian-Mena Counsel Firm of the Year.

Paul has been practicing in Korea for over 20 years, advising multinational corporations on all aspects of their Korean business while primarily focusing on antitrust matters involving interface between antitrust law and intellectual property rights, corporate leniency program, merger control, criminal prosecution, private damage claims, administrative appeals, internal audits/investigations and compliance/training. He has extensive experience representing multinational corporations in Korea Fair Trade Commission (KFTC) investigations concerning abuse of dominance, unfair trade practice (including subcontracting), false advertising, merger control and domestic and international cartels in various industries. He also has extensive experience in M&As involving serious antitrust issues such as cartels and merger clearance.

At Yoon & Yang Paul led his team in successfully representing United Technologies in the KFTC’s merger investigation into its acquisition of Raytheon, Goodrich and Rockwell Collins, which resulted in KFTC’s unconditional approval and was honored with the GCR Awards 2019 for “Merger control matter of the year – Asia-Pacific, Middle East and Africa.” He also led his team in successfully representing Microsoft in the KFTC’s merger review investigation into its acquisition of Nokia’s mobile device business, which resulted in the first consent decree in a merger review case in Korea and was honored with the GCR Awards 2016 for “Merger control matter of the year – Asia-Pacific, Middle East and Africa.” He also led his team in representing multinational companies in numerous domestic and international cartel investigations that resulted in successful applications for KFTC’s corporate leniency and amnesty plus programs, which resulted in full or partial exemption of administrative fines and immunity from criminal prosecution.

Since 2017, Paul has been a ranked lawyer for Competition and Antitrust by Chambers & Partners Asia-Pacific. In 2023, he was selected by Thomson Reuters' Asian Legal Business for Korea Super 30 Lawyers. In 2015, 2017, 2018 and 2021, Paul was the winner of the Law Business Research’s Lexology Client Choice Award in Competition & Antitrust for South Korea. He has been a contributing author from Korea covering competition practice areas for LexisNexis UK’s LexisPSL Practice Note, Thomson Reuters Practical Law Global Guide, and Chambers and Partners’ Global Practice Guide.

Experience

2002-present Yoon & Yang LLC
2006-12 Vice-Chairman, Legal Services Committee, The European Union Chamber of Commerce in Korea
2001-02 Horizon Law Group, Seoul, Korea
1998-00 Kim & Chang, Seoul, Korea
1996-97 Lambert Armeniades & Lee (now Mayer Brown LLP’s Paris office), Paris, France

Education

1996 Syracuse University, College of Law, J.D.
1991 University of California, Berkeley, Political Science, B.A.

Representative Matters

ANTITRUST
[Merger Control]

Represented both Symbio and Schaeffler in a merger filing to establish a joint venture for hydrogen fuel cell parts business
Represented PSA Automobiles (forrmerly Peugeot and now part of Stellantis) in a merger filing to acquire a substantial stake in Symbio, the hydrogen fuel cell joint veture between Michelin and Faurecia/Forvia
Represented Raytheon Technologies Corporation in a merger filing to establish a joint venture with Saudi Aramco for cybersecurity business
Represented ALD in a merger filing to establish a joint venture with Mitsubishi UFJ Lease & Finance for vehicle leasing and fleet management business
Represented United Technologies Corporation in a merger filing to acquire Raytheon Company
Represented Faurecia Exhaust International in a merger filing to acquire a substantial stake in Symbio, the hydrogen fuel cell subsidiary of Manufacture Francaise des Pneumatiques Michelin
Represented United Technologies Corporation in a merger filing to acquire Rockwell Collins (honored with GCR Awards 2019 “Merger control matter of the year – Asia-Pacific, Middle East and Africa”)
Represented United Technologies Corporation in a merger filing to acquire Rockwell Collins
Represented Oriental Brewery Company in a merger filing to acquire a leading Korean craft beer maker
Represented Performance Optics and its subsidiaries, Vision Ease and Daemyung Optical, in the KFTC’s 9-month merger review investigation into its sale to HOYA Corporation
Represented Microsoft Corporation in the KFTC’s 22-month merger review investigation into acquiring Nokia Corporation’s mobile device and service business and subsequent completion of the first consent decree in a merger review case in Korea (honored with GCR Awards 2016 “Merger control matter of the year – Asia-Pacific, Middle East and Africa")
Represented Mahindra & Mahindra Limited in a merger filing to acquire a substantial stake in Mitsubishi Heavy Industries’ Japanese agricultural machinery subsidiary
Represented an intervenor in the KFTC’s merger review investigation into Google’s acquisition of Motorola Mobility
Represented both Microsoft Corporation and General Electric in a merger filing to establish a joint venture for healthcare software business
Represented United Technologies Corporation in a merger filing to acquire Goodrich Corporation
Represented United Technologies Corporation (Pratt & Whitney) in a merger filing to establish an aircraft engine joint venture with Rolls-Royce
Represented Carrier Corporation in a merger filing to acquire a substantial stake in Robert Bosch’s U.S. subsidiary
Represented DSM Nutritional Products in a merger filing to acquire Bayer’s Korean animal feed premix business
Represented Oriental Brewery Company in a merger filing to merge with its affiliate, KSBC
Represented Cathay Pacific Airways in a merger filing to acquire a substantial stake in Air China’s cargo business

[Cartel]

Represented a leading multinational software company’s Korean subsidiary in the KFTC’s 3-year investigation into public procurement bid-rigging, which resulted in a non-violation decision
Represented a leading multinational machine component manufacturer's Korean subsidiary in the KFTC’s 4-year investigation into the domestic conveyor belt cartel, which resulted in full immunity under the KFTC’s corporate leniency program and full exemption of administrative surcharge in another cartel investigation under KFTC’s amnesty plus program (first time for full exemption of administrative surcharge under KFTC’s amnesty plus program), and in a follow-on damage action filed by major Korean customers
Represented a leading multinational machine component manufacturer's Korean subsidiary in the KFTC’s 2-year investigation into the domestic crawler/track cartel, which resulted in full immunity under the KFTC’s corporate leniency program and amnesty plus benefits in another cartel investigation
Represented a leading multinational elevator manufacturer's Korean subsidiary in the KFTC’s 3-year investigation into the domestic elevator/escalator cartel (at the time, one of the longest running cartel investigations in Korea), which resulted in partial immunity and substantial reduction in administrative surcharge under the KFTC’s corporate leniency program, and in a 7-year follow-on damage action filed by a major Korean customer in the trial and intermediate appellate courts and the Korean Supreme Court
Represented a leading multinational airline in a multi-jurisdictional cartel investigation into the international air cargo cartel (and subsequent appeal of the KFTC’s decision), which resulted in substantial reduction in administrative surcharge, and in a follow-on damage action filed by a major Korean customer
Represented a leading multinational display manufacturer in a multi-jurisdictional cartel investigation into the international CRT and TFT-LCD cartel, which resulted in full immunity
Represented a leading multinational heating, ventilation and air-conditioning manufacturer’s Korean subsidiary in the KFTC’s investigation into the domestic system air-conditioner cartel, which resulted in substantial reduction in administrative surcharge
Represented a leading multinational manufacturer's Korean subsidiary in the KFTC’s 2-year investigation into the domestic industrial motor cartel, which resulted in full immunity under the KFTC’s corporate leniency program and amnesty plus benefits in another cartel investigation
Represented a leading multinational manufacturer in a multi-jurisdictional cartel investigation into the international marine hose cartel, which resulted in substantial reduction in administrative surcharge

[Abuse of Market Dominance]

Represented an interested party in an investigation by the KFTC into an alleged abuse of market dominant position by Google and its Android operating system
Represented Qualcomm in an investigation by the KFTC into an alleged abuse of market dominant position
Represented Riiid, a Softbank Vision Fund-backed AI education technology company, in acquiring Qualson, a leading English language learning and content provider based in Korea

M&A

Represented a party bidding to acquire TmaxSoft
Represented Camso Inc. in its sale to Compagnie Generale des Etablissements Michelin SCA regarding Korean aspects of the transaction
Represented Oriental Brewery Company in acquiring a leading Korean craft beer maker
Represented Camso Inc. (formerly Camoplast Solideal Inc.) in selling its Korean subsidiary to Kamur Partners Private Equity for KRW 37,000,000,000
Represented DFASS Group in establishing a joint venture for duty free business with Entas
Represented United Technologies Corporation (Pratt & Whitney) in establishing a joint venture for aircraft engine maintenance, repair and overhaul business with Korean Air in the Incheon Economic Free Zone
Represented DSM Nutritional Products in acquiring Bayer’s Korean animal feed premix business
Represented Otis Elevator in the sale of its industrial motor business for KRW 55,000,000,000 to Higen Motor, Hana-Cambridge-IMM Private Equity Fund, IMM Investment and Hana Investment Bank
Represented the Industrial Bank of Korea in a strategic alliance and joint venture with Societe Generale Asset Management SA for asset management business in Korea and the establishment of IBK-SG Asset Management
Represented Otis Elevator in the sale of its dormitory complex in Changwon City, Korea for KRW 12,300,000,000 to World Construction
Represented Carrier Refrigeration in the sale, and lease-back, of its factory facilities in Osan, Korea for KRW 52,000,000 to Merrill Lynch and Marathon Asset Management
Represented Otis Elevator in a buy-out of its elevator joint venture partner in Korea, LG Corporation, for KRW 333,000,000,000
Represented Otis Elevator in the sale, and lease-back, of its factory facilities located within the Changwon National Industrial Complex for KRW 16,500,000,000 to Ameco
Represented Daewoo Telecom and its creditors’ representative, Woori Bank, in selling substantially all assets of Daewoo Telecom’s subsidiary, Daewoo Powertrain, to GM Daewoo Auto & Technology for KRW 102,000,000,000
Represented a consortium in acquiring substantially all assets of a Korean business division of Baxter Healthcare
Represented Mobiletop in a KRW 2,000,000,000 equity investment by Intel Capital and Samsung Venture Investment at pre-IPO stage
Represented Baring Communications Equity Asia Fund in acquiring KRW 4,400,000,000 convertible bonds issued by YoungJin.com at pre-IPO stage
Represented Ceratech in a KRW 55,000,000,000 equity investment by J.P. Morgan Partners Asia
Represented SEI Investments and International Finance Corporation in the first foreign acquisition of a controlling stake in a Korean asset management company, Asset Korea Capital Management (SEI Asset Korea/ Baring Asset Management Korea) for KRW 5,000,000,000 from Tongyang Securities
Represented Newbridge Capital in the first foreign acquisition of a controlling stake in a Korean bank, Korea First Bank (SC First Bank/ Standard Chartered Bank Korea) for KRW 500,000,000,000 from the Korean government

Awards

Leading Individual, Competition/Antitrust, Chambers and Partners Asia-Pacific (2017-2024)
Leading Lawyer, Competition/antitrust, asialaw (2006-2023/24)
Litigation Star, Competition/antitrust, Benchmark Litigation Asia-Pacific (2024)
Korea Super 30 Lawyers, Thomson Reuters' Asian Legal Business (2023)
Client Choice Awards, Competition, Lexology (2015, 2017, 2018, 2021)
Merger control matter of the year – Asia-Pacific, Middle East and Africa for United Technologies - Rockwell Collins transaction, GCR Awards (2019)
Leading Practitioner, Competition and Antitrust, Expert Guides (2018)
Legal Expertise: Enabling business growth for Hoya - Performance Optics transaction, Financial Times’ FT Asia Pacific (2018)
Merger control matter of the year – Asia-Pacific, Middle East and Africa for Microsoft – Nokia transaction, GCR Awards (2016)
Only Recommended/ Endorsed Attorney from South Korea, Competition Law Experts, International Legal Media’ (2015)
Which Lawyer?, Competition/Anti-trust, PLC (2009-2014)

Publications

South Korea Section, Chambers and Partners’ Global Practice Guide – Merger Control (Co-author), 2019, 2020, 2021, 2022, 2023
South Korea Section, LexisNexis UK's LexisPSL Practice Note on Competition (International Cartel Enforcement & Merger Control) (Co-author), 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023
South Korea Chapter, Thomson Reuter’s Practical Law Global Guide, Competition and Cartel Leniency (Co-author), 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023
Euromoney/Legal Media Group’s Expert Guides: Competition and Antitrust, “Korea Fair Trade Commission’s Right Balance in Regulating SEPs and De Facto SEPs” (Co-author), 2018
Global Competition Review’s “Know-How Private Antitrust Litigation – Korea” (Co-author), 2014, 2015, 2016
LexisNexis UK's Doing Business in Korea (Co-author), 2013, 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021, 2022, 2023
“South Korea: Cartels and its Aftermath,” The American Lawyer (Co-author), May 2014
“South Korea Q&A Chapter,” Thomson Reuters’ PLC Cross-border Mergers & Acquisitions Handbook (Co-author), 2009, 2010, 2011, 2012/2013
“Korean Chapter,” The International Comparative Legal Guide to: Cartels & Leniency, Global Legal Group (Co-author), 2010, 2011, 2012, 2013, 2014, 2015
“Korean Antitrust Regulations,” South Korea Chapter, The Guide to Competition and Antitrust, International Financial Law Review (Co-author), 2008, 2009, 2010
“Overlapping Regulations by Sector-specific Regulators and the Competition Authority in South Korean Telecommunications and Financial Industries,” CUTS Centre for Competition, Investment & Economic Regulation (Co-author), November 2013
South Korea Chapter, Global Legal Group's International Comparative Legal Guide to: Cartels & Leniency (Co-author), 2010, 2011, 2012, 2013, 2014.