By Paul Starr, Justin Lo and Nicholas Lee King & Wood Mallesons’ Hong Kong office.

This seminar took place in January 2017. Panellists were: Ms Pru Bennett (Director and Head of the Corporate Governance and Responsible Investment Team at BlackRock); Mr Carl Wilkins (Fiscal Crime Liaison Officer for HM Revenue and Customs in Hong Kong); Mr Simon Booker (Head of Capital Projects and Infrastructure at PwC Hong Kong); our own Paul Starr; and Ms Gillian Meller (Legal and European Business Director at MTR Corp) as moderator. They shared their insights and expertise on ‘Applying Governance to Open up One Belt, One Road Opportunities’. Continue Reading Belt and Road risks and mitigation strategies Summary of a Seminar participated in by Paul Starr for the Hong Kong Institute of Chartered Secretaries

By Wu Wei, Zhu Yuanyuan King & Wood Mallesons’ Dispute Resolution group

On May 14th and 15th, the Belt and Road Forum for International Cooperation was held in Beijing, which once again put the city at the centre of global attention.

China is a founding member of the Belt and Road (“B&R”). It already has more than 80 SOEs setting up branches in countries along the B&R and 47 SOE’s participating in 1676 construction projects. The B&R presents both opportunities and challenges to Chinese enterprises. Chinese firms will need to meet high standards to avoid breaching compliance requirements. Continue Reading Participating in the Belt and Road Initiative, Protected from Overseas Compliance Risks

By Wu Wei, Liu Ting, Zhu Yuanyuan King & Wood Mallesons’ Dispute Resolution group

Multilateral development banks, such as the World Bank, enforce strict compliance procedures for their borrowers, along with regulations on investigations and sanctions for non-compliance. Being blacklisted by these banks has significant negative consequences (please refer to the related articles Participating in the Belt and Road Initiative, Protected from Overseas Compliance Risks, Joining the AIIB Projects—What You Must Know about Affiliated Debarment and Cross-Debarment).  Taking an active role in proceedings may prevent an enterprise from being sanctioned. Continue Reading Blacklisted by the World Bank, How Can Firms Participate in the Belt and Road?

By Dorothy Murray and Edmund Northcott  King & Wood Mallesons’ London office.

murray_dAs more jurisdictions permit third party funding of international arbitration, the question of whether details of the funding must be disclosed arises ever more frequently.

Concerns to date focus on conflicts (ensuring that the identity of the funder poses no challenge to the independence and impartiality of the tribunal) and the ability of a respondent to apply for security for costs. The Tribunal in the case of Muhammet Cap v. Turkmenistan[1], was motivated by these concerns when requiring the Claimant to disclose whether it was being funded by a third party funder, and if so, the funder’s identity and nature of the funding arrangements, including to what extent the funder would share in a favourable award to the Claimant. Continue Reading Thoughts on Disclosure of Third Party Funding

By Paul Starr King & Wood Mallesons’ Hong Kong office

starr_pSummary

China’s Belt and Road initiative brings new investment opportunities but also an increased need for careful risk management. Prior to entering into any investments, it is important for contracting parties to consider their dispute resolution options and to ensure these are properly reflected in the contracts.

Arbitration has advantages over litigation, particularly when the courts closest to an investment are in countries where investors may be less familiar with the legal system. This case study discusses the advantages of opting for a Hong Kong seated arbitration. Confidentiality protections provided for by Hong Kong arbitration law and the near-global mutual enforcement of arbitral awards are key benefits for contracting parties.

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