One of Hong Kong's first funded international arbitrations
We are funding one of the first funded international arbitrations in Hong Kong since the Special Administration Region amended its Arbitration Ordinance (Cap. 609) to permit third party funding (effective February 2019).
The funded international commercial arbitration is being administered by the Hong Kong International Arbitration Centre (HKIAC) under its 2018 Administered Arbitration Rules. Omni Bridgeway is financing the claimant, who is advised by leading Canadian firm, Borden Ladner Gervais LLP. Further details of the dispute are confidential.
In June 2017, Hong Kong amended its Arbitration Ordinance to expressly state that the torts of maintenance and champerty in Hong Kong, which have historically prevented third party funding, do not apply to third party funding of arbitration and related proceedings. A Code of Practice was published in December 2018 and came into effect in February 2019 to provide guidance on the standards and practices that third party funders are expected to follow.