KUALA LUMPUR: Malaysia is in the process of obtaining an annulment of the purported final award of US$14.9 billion (RM62.59 billion) issued by a Spani...
: Malaysia is in the process of obtaining an annulment of the purported final award of US$14.9 billion issued by a Spanish arbitrator, Dr Gonzalo Stampa in the case brought by the purported heirs of the Sulu Sultan, says Datuk Seri Azalina Othman SaidMinister in the Prime Minister’s Department said with this annulment, the government’s long standing battle against the Sulu claims will come to an end as the basis of the claims would cease to exist.
“Instead, it calls for a review of the conduct of arbitrators and for oversight of third party litigation funders, including exploring transparency and disclosure obligations by the relevant parties,” she said in her keynote address at the London International Arbitration Colloquium 2023: State Sovereignty and Immunity in Commercial Arbitration at the International Dispute Resolution Centre , in London, today.
“On the bright side, the many lessons we have learned from this debacle is why we are here today to come together and work on the weak links in the arbitration process and third party litigation funding after hosting two successful international colloquiums in Malaysia on May 9, 2023 and July 4, 2023.
Explaining why the Government of Malaysia was initiating these ongoing dialogues with experts in the arbitration industry from all over the world, Azalina said it is to shed light on the precise arbitration practices, according to the rules of law, and to share Malaysia’s insight with the international arbitration community on the factual narrative of the claims by the purported heirs of the Sultan of Sulu against Malaysia.
“Our experience of the Sulu fraud has shown us that the sanctity of the arbitration process must always be upheld and we therefore firmly oppose any abuse of the arbitration process including forum shopping,“ she said. Stampa had issued a final award of US$14.9 billion against Malaysia, and Malaysia had used all legal remedies to annul the award given by Stampa to the claimants in courts in Spain, France, Luxembourg, and the Netherlands.
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