The most relevant Asia Pacific updates from the global International Arbitration and ADR practice group at Garrigues.
China
Hong Kong and mainland China sign arrangement on mutual enforcement of awards
On 27 November 2020, a supplementary arrangement on the mutual enforcement of awards was signed between Hong Kong and mainland China. It clarifies the two-fold procedures for the recognition and enforcement of arbitral awards, removes the current restriction by allowing the enforcement of Hong Kong or mainland China awards in two jurisdictions simultaneously and allows courts to consider imposing post-award interim measures before or after accepting the application for enforcement of an award.
By Sami Zaptia.
London, 21 December 2020:
The London Commercial Court ruled in favour of Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA), ordering the discharge of receiverships first imposed on some of its UK assets five years ago, the LIA reported Saturday (19 December).
The LIA has described the outcome as ‘‘a significant success’’, which brings an end to three receiverships first established by the English Courts in 2015. The LIA says the ruling conclusively affirms the authority of the LIA’s current leadership.
The receiverships were first established by the English Courts between 2015 and 2017 in response to a dispute over who had authority to represent the LIA as chairman, to help manage several lawsuits ongoing in the UK at the time. The receiverships were only ever intended to be temporary.
Libyan Investment Authority Reclaims Control of U.K. Assets
Posted on 12/19/2020
Libya’s sovereign wealth fund, the Libyan Investment Authority (LIA), had some success in London Commercial Court. The LIA is bringing an end to three receiverships first established by the English Courts in 2015 and conclusively affirming the authority of the LIA’s current leadership. This decision will eliminate third-party influence over the LIA’s affairs in the U.K. and return control of major assets and multiple pieces of litigation to the sovereign wealth fund. This means that unwanted costs can be avoided and, subject to compliance with all applicable sanctions regimes, assets can now be unlocked and deployed for the benefit of the Libyan people. The Court’s decision also removes a significant layer of additional costs associated with having the receiverships in place. Following the receiverships’ discharge, further funds and resources can now be made available for the day-to-day opera
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