The Hyundai Group will regain control of Hyundai Oilbank, which was sold to an Arab investment company in the aftermath of the Asian financial crisis.

Hyundai Heavy Industries on Sunday said the International Court of Commerce ruled in an arbitration case filed by former Hyundai affiliates that International Petroleum Investment Company (IPIC) in Abu Dhabi must sell its 70 percent stake in the Korean refiner for 25 percent below market price to Hyundai subsidiaries including Hyundai Heavy.

With the decision, Hyundai Heavy, currently the second largest shareholder with a 19.87 percent stake in Hyundai Oilbank, is likely to emerge as the majority shareholder.

When IPIC acquired the stake in the refiner in 1999 and 2006, Hyundai agreed to pay it US$200 million in stock dividends, while Hyundai affiliates were to give up their rights as shareholders until the dividend was paid. But IPIC intentionally delayed receipt of the dividends and thus infringed on Hyundai's shareholder rights, the court ruled.