This paper examines critical issues in the current dispute between Lone Star and South Korea regarding Lone Star’s investment in the Korea Exchange Bank that has culminated in an investor-State dispute claim against Korea before an International Centre for Settlement of Investment Disputes arbitration panel. It further evaluates the merits and potential outcomes of each issue through careful analogy to preexisting international investor-State dispute awards, textual analysis of the bilateral tax and investment treaties between South Korea and Belgium, and publically available information regarding events during the course of Lone Star’s investments in Korea. In particular, it will address well-covered topics in international investment law such as nationality of corporations, fair and equitable treatment, and discriminatory treatment. It will also investigate burgeoning topics on breach of domestic law by third parties, breach of domestic law in the course of an investment, and the rights of an investor to raise tax-based investment claims.

I. Introduction
 II. Background: The Asian Financial Crisisand the KEB Investment Dispute
 III. Delayed Regulatory Approval for Sale of KEB
  A. Breach of Local Law
  B. Fair & Equitable Treatment in Regulatory Delays
 IV. Tax Assessment on Sale of KEB : Validity andApplicability of the Korea-Belgium BITs and BTT
  A. Validity of the 1974 and 2006 Korea-Belgium BITs
  B. Qualifying Investors under the Korea-Belgium BIT
  C. Justifiable Reliance on the Korea-Belgium BTT
 V. Tax-based Investment Claims under FET
 VI. Conclusion

• Joel K. Browning(J.D. Candidate (Class of 2017) at the University of Utah S.J. Quinney College of Law. M.A. (Seoul N.U.))