Omni Bridgeway funds first international arbitration seated in Hong Kong
- Cheng-Yee Khong
- Associate Investment Manager | +852 3978 2629 | [email protected]
- Geoff Moysa
- Investment Manager, Legal Counsel | +1 416 583 5720 | [email protected]
- Marella Gibson
- Chief Marketing Officer - Australia and Asia | +61 2 8223 3517 | [email protected]
- Gretchen Lyn Koehler
- Chief Marketing Officer - North America | +1 212 488 5331 | [email protected]
HONG KONG, 4 June 2020: Proceedings have been filed in Omni Bridgeway Limited's, (ASX:OBL) first funded international arbitration in Hong Kong since the Special Administration Region amended its Arbitration Ordinance (Cap. 609) to permit third party funding (effective February 2019).
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.
The Borden Ladner Gervais team is led by partners and internationally recognized arbitration counsel Robert J.C. Deane and Craig Chiasson. Robert Deane said: “The opportunity to access financing for Hong Kong-seated arbitrations has been a significant and very positive development for our clients, especially in the current economic climate. It has allowed them to seek redress for the wrongs they've experienced in a way that makes good sense from a commercial and risk management perspective. We look forward to continuing to work with Omni Bridgeway on behalf of clients based in Canada and also around the world.”
This news complements other recent developments for Omni Bridgeway in Asia, including the merger of the IMF Bentham and Omni Bridgeway operations globally.