美國私募基金「龍昇星（Lonestar）」認爲在收購韓國外匯銀行過程中，因爲韓國政府的任意性及歧視性措施而受到莫大的損失，主張韓國政府行爲在韓國－比利時盧森堡雙邊投資協定（BIT）中違反「公正與公平待遇」、「充分及持續保護和保障」、「禁止以任意性及歧視性措施妨礙投資之經營、管理、維持、使用、享有或處置」、「國民待遇」、「最惠國待遇」、「徵收」、「保障轉移」等，於2012 年11 月向ICSID 對韓國政府提出仲裁。本案在2016 年6 月荷蘭（海牙）預定最終辯論。圍繞本案的未來仲裁裁定，一些學者們認爲公正與公平待遇（FET）原則是影響本案勝敗的關鍵，本文對龍昇星所主張的韓國政府違反行爲中，針對公正與公平待遇進行研討。進入 2000 年以後，隨著與FET 條款有關的國際投資爭端案件有逐漸增加之趨勢，目前FET 原則占據相當重要位置。迄今FET 原則不僅是出現在多數的國際投資協定（IIAs）中，甚至在多數的自由貿易協定（FTA）或一些區域貿易協定（RTA）的「投資」專章明定FET 條款。但由於在多數的IIAs 中沒有具體規定出FET 的範圍和内容，其待遇的判斷標準交由每個案例之仲裁裁判官的裁量。在這種情況下，在國際投資實務上爭端當事人違反FET之判斷標準和裁定結果均難以預測，因此本文研究對解決FET 原則的問題具有重要意義。目前臺灣與20 多個國家簽署IIAs 和FTA。雖然至今臺灣沒被國際投資爭端攪了進去，但是若其將來加入大規模型的國際協定（如FTAAP、TPP 等），發生國際投資爭端（ISD）的可能性很大。因此透過國際投資爭端案例和目前臺灣與各國家所簽訂的IIAs 之FET 條款比較做分析，提出可預測的解釋方法及若干意見。

Lonestar, global private equity funds, claimed that, in the process of acquisition of Korea Exchange Bank in the early 2000s, the Korean government has engaged in a continuing pattern of arbitrary and discriminatory conduct. As result of this conduct Lonestar seems to be suffered great damages. Lonestar insisted that such conduct by Korean government is in breach e.g. obligation of Fair and Equitable Treatment (FET), Full and Continuous Protection and Security, Prohibition of impairment by arbitrary and discriminatory measures the operation, management, maintenance, use, enjoyment or disposal of investment, Most Favored Nation (MFN), National Treatment (NT), Expropriation, and free transfer of investment) of Korea’s obligation to Belgian investors (Lonestar’s subsidiary company) under the terms of the Agreement between the Government of the Republic of Korea & Belgium-Luxembourg Economic Union for the Reciprocal Promotion and Protection of Investment (BIT). This case was requested for the ICSID arbitration to Korean government in November 14, 2012. Its’ closing argument will be held in The Hague, the Netherlands in June 2016. According to some scholars, they believed that FET principle is the most important issue to decide this arbitration case. Therefore, the purpose of this thesis is to discuss the FET issue which is one of the violation of Korean government, is claimed by Lonestar. From the early 2000s, FET principle has occupied a very important position since International Investment Arbitration has increased to handle the FET in international investment disputes tribunal cases. FET principle is included not only the majority of International Investment Agreements (IIAs), but also the Free Trade Agreement (FTA) and the Regional Trade Agreement (RTA)’s Investment Chapter (e.g. TPP etc.). IIAs is intended to prescribe the FET in principle, but it did not specifically stipulate about the scope and content of the FET principle. The FET judgment to the arbitrator’ discretion on case by case. In such cases, it is very difficult to predict what happens to the FET standard of and result of the decisions of arbitral tribunals that constitute a violation of the FET obligation in International investment practice. Thus, analyzing the FET principle seems to have considerable value. Taiwan has signed IIAs and FTA with about 20 countries so far, Taiwan did not officially report on international investment dispute. In the future, however, if Taiwan enter into the Big or Mega International Agreement (e.g. FTAAP, TPP etc.), it will be subject to confront with Investor-State Dispute (ISD) later. Therefore, through the analysis of Arbitration Case FET clause and comparative analysis of Taiwan’s IIAs, this study may provide a predictable interpretation of FET principle and some suggestions.