The Role of Arbitration Clauses in Risk Minimisation when Investing in Africa

Transcription

1 International Arbitration Webinar Series 23 September 2015 The Role of Arbitration Clauses in Risk Minimisation when Investing in Africa Ian Meredith, Partner, Coordinator International Arbitration Practice Group, K&L Gates LLP Babatunde Fagbohunlu SAN, Partner, Aluko & Oyebode, Lagos, Nigeria Prof. Dr. Mohamed Abdel Wahab, Partner and Head of the International Arbitration and Project Finance Groups, Zuificar & Partners, Cairo, Egypt Des Williams, Director, Werksmans Attorneys, Johannesburg, South Africa Copyright 2015 by K&L Gates LLP. All rights reserved.

2 WELCOME Ian Meredith, Partner, Coordinator International Arbitration Practice Group, K&L Gates LLP

3 RISK MANAGEMENT IN WEST AFRICAN INVESTMENTS: THE ROLE OF ARBITRATION AGREEMENTS Babatunde Fagbohunlu SAN, Partner, Aluko & Oyebode, Lagos, Nigeria

4 Outline Countries: o o o Nigeria Ghana Cote d Ivoire Economic Overview Legal Landscape and Risk Management 3

5 Nigeria Economic Overview Population: 173 million (47% of West Africa) Africa s biggest oil exporter Power sector reforms Divestments by IOCs from risky onshore assets Significant project finance and M&A activity 4

6 Ghana Economic Overview Population: 26.4 million Significant industries: oil and gas, mining and agriculture Net FDI inflow 2013 US$3.2 billion 5

7 Cote d Ivoire Economic Overview Population: 23.2 million Significant industries: oil and gas, agriculture and manufacturing Net FDI inflow 2013 US$371 million 6

8 Project Finance in Africa NGA: USD 18 bn 21 SSA countries had one or more project finance deals in the last 10 years. Top countries were Nigeria (USD 17 billion), Ghana (USD 11 billion), South Africa (USD 10 billion) and Angola (USD 4 billion) GHA: USD 11 bn These 4 countries top the regional league tables thanks to a few jumbo transactions (for example: Jubilee oil field in Ghana) Sub-Saharan Africa Deal Volume 2003 to 2013, USD bn These 4 countries accounted for 70% of Sub-Saharan Africa s total. USD 0 bn USD 1-9 bn >USD 9 bn ZAF: USD 10 bn Source: World Bank ( 7

9 Project Finance in Africa Top 10 Countries Country No. of Projects Deal Size ($M) Nigeria 28 17,793 Ghana 14 10,925 South Africa 45 9,928 Angola 8 4,460 Madagascar 1 2,100 Zambia 7 2,047 Gabon 6 2,018 Ivory Coast 8 1,399 Kenya 9 1,357 Mozambique 4 1,327 Total ,354 Country No. of Projects Deal Size ($M) South Africa 30 9,039 Nigeria 8 7,477 Kenya 8 1,157 Ivory Coast Uganda Mozambique Ghana Tanzania Angola Cameroon Total 59 21,662 Source: World Bank ( 8

10 Project Finance Sectors Africa Project Finance Deal by Sector ( , USD $bn) Telecom, $9, 15% PPP, $1, 1% Power, $10, 17% Industrials, $2, 4% Mining, $10, 17% Oil & Gas, $27, 46% Extractive industries (Oil & Gas, and mining) account for 64% (USD 37 billion) of Sub-Saharan Africa s project finance volume. Worldwide, extractive industries account for 36% of the total project finance market, almost half the share of Africa. Telecom, $74, 4% World Project Finance Deal by Sector ( , USD $bn) Leisure & Property, $57, 3% Industrials, $209, 10% Roads & Transportation, $450, 22% PPP, $132, 6% Oil & Gas, $399, 19% Power, $565, 28% Mining, $165, 8% Source: World Bank ( The extractive industries disproportionate share of Sub- Saharan Africa s project finance market highlight the region s infrastructure gap discussed earlier. On average over the period, infrastructure project finance represented only USD 1 billion, versus potential of USD 12 billion per year. 9

11 Project Finance in WAEMU 14 transactions closed over totaling USD 2.7 billion: 4% of Africa project finance volume. Extractive industries: USD 1.7 billion (63%) Infrastructure: USD 1.0 billion (37%) Year Country Project Name Sector Project debt ($m) 2004 Mali Loulo gold mine Mining Burkina Faso Youga gold mine Mining Cote d'ivoire Baobab CI-40 oil field Oil&Gas Cote d'ivoire Mana gold mine Mining Senegal Blaise Diagne airport Transport Cote d'ivoire Afren oil & gas acquisition Oil&Gas Senegal Sabodala gold mine Mining Cote d'ivoire Baobab oli field Oil&Gas Senegal Dakar Diamniadio toll road Transport Cote d'ivoire Azito IPP expansion Power Cote d'ivoire IHS tower acquisition Telecom Cote d'ivoire Ciprel IPP Power Cote d'ivoire SECI CI-27 gas field expansion Oil&Gas Senegal Sendou IPP Power 206 Total 14 Projects 2,670 Source: World Bank ( 10

12 Economic Outlook FDI activity is in sectors where contracting parties typically choose arbitration: o Extractive industries: contracts between Governments and IOCs (i.e. OPL, OML); State Enterprises and Contractors (i.e. JOA, PSC), Intra- IOC s (i.e. Farm Out, Unitisation,); IOCs and service contractors; LNG Sales/Offtake contracts, 11

13 Economic Outlook FDI Activity (cont d): o o o o Infrastructure & Construction projects: FIDIC, JCT Contracts, etc. Transportation: Shipping, Railway and Aviation Charter party/bill of lading, Lease, (wet/dry), Finance and private equity: ISDA, Shareholders Agreement, Telecommunications and Information Technology 12

14 Legal Framework Anglophone West-Africa (Nigeria, Ghana, Gambia, Sierra Leone, Liberia): Common law heritage Arbitration legislation largely modelled on the UNCITRAL Model Law and New York Convention Permit Institutional or ad hoc Arbitration at parties choice Francophone West Africa Dual system OHADA System (the Common Court of Justice and Arbitration) Non-OHADA (ad hoc or institutional) 13

15 Legal Framework: Choice of Seat A large number of international arbitrations will continue to be seated outside Africa o o o o o Free choice of non-african venues Recent controversies which impact free choice (Local Content and transfer of technology legislation in Nigeria) Many investment arbitrations will be held under ICSID provisions BITs In absence of BITs, investment statutes provide for ICSID arbitration Nigerian Investment Promotion Commission Act Ghana 14

16 Legal Framework: Choice of Seat Bargaining Power/Limitations on Contractual Freedom: o o Nigeria - Practice in PSC contracting (Model Agreements) Increasing competitiveness of bidding rounds/entry of China/Korea into African markets 15

17 Arbitration in Africa POSITIVE OUTLOOK Legal Reform/Institution Developments Pro Arbitration Judicial Decisions BITS/ICSID 16

18 Legal/Institutional Framework Laws (UNCITRAL Model Law and New York Convention) o o o o Judicial support (enforcement of arbitration agreements; support for process; enforcement of awards) Limited judicial intervention Arbitrator s jurisdiction to determine jurisdiction Finality degree of review Institutions 17

19 Africa - A Decade After New York Convention 18

20 Africa - New York Convention in

21 20

22 West Africa Arbitration Institutions 21

23 Judicial Support Arbitration Agreements Arbitral Process Enforcement of Awards 22

24 Issues Arising: Courts and the Arbitral Process Interference in arbitration proceedings Nigeria injunctions against arbitral proceedings, proceedings delayed by interim challenge in court Ghana matters of national or public interest or which relate to the environment may be inarbitrable 23

25 Issues Arising: Mandatory Law/Policy Scope of what is arbitrable o o Tax disputes Environmental issues 24

26 Issues Arising: Mandatory Law/Policy Local content requirements o Nigeria Oil and Gas Industry Content Development Act Professional Regulation o o o Legal Practitioners Act Recent Tribunal Decision on Legal Representation Impact on Legal representation 25

27 Improving the Outlook Political, legal and institutional reform Nigeria Ghana Cote d Ivoire Role of international arbitration institutions LCIA, LCIA-MIAC, AALCO, ICC, UNCITRAL, OHADA 26

28 FOREIGN DIRECT INVESTMENT AND INTERNATIONAL ARBITRATION IN THE MENA REGION: PROSPECTS, CHALLENGES AND RISKS Prof. Dr. Mohamed Abdel Wahab, Partner and Head of the International Arbitration and Project Finance Groups, Zuificar & Partners, Cairo, Egypt

29 K&L Gates Webinar - 23 September 2015 Foreign Direct Investment and International Arbitration in the MENA Region: Prospects, Challenges and Risks Prof. Dr. Mohamed S. Abdel Wahab Founding Partner and Head of the International Arbitration, Zulficar & Partners (Cairo) Chair of Private International Law and Professor of Dispute Resolution, Cairo University Vice-President, ICC International Court of Arbitration, Member of the Court of Arbitration, LCIA, Vice-President, LCIA Arab Users Council, Member of the Advisory Committee, CRCICA, Vice-President, Chartered Institute of Arbitrators (Egypt Branch). Prof. Dr. Mohamed S. Abdel Wahab 28

30 Outline I. Legal Culture, Investment Trends, and Dispute Resolution Landscape. II. Arbitral Institutions. III.Sectors of Interest and FDI Trends. IV.Concluding Remarks: Prospects, challenges and Risks. Prof. Dr. Mohamed S. Abdel Wahab 29

31 I. Culture, Investment, and Dispute Resolution Africa: A Snapshot. The Legal Culture. The Dispute Resolution Landscape. Judicial Trends and Arbitration. Prof. Dr. Mohamed S. Abdel Wahab 30

32 Africa - Continental Snapshot The recorded history of early civilization arose in Egypt, and Nubia, the Sahel (covers parts of (from west to east) the Gambia, Senegal, southern Mauritania, central Mali, Burkina Faso, southern Algeria and Niger, northern Nigeria and Cameroon, central Chad, southern Sudan, northern South Sudan and northern Eritrea), the Maghreb the Horn of Africa, and South Africa. The Homo Erectus is said to have originated in Africa. Some anthropological studies consistently established that ancient Egyptians were originally Africans and overtime gained biological affinities towards Middle Eastern and southern European populations. Prof. Dr. Mohamed S. Abdel Wahab 31

33 Africa - Continental Snapshot Africa is now composed of 55 Sovereign States (54 members of the African Union to the exclusion of Morocco), with more than 1 billion inhabitants. Legal systems in Africa are a diverse mix of common, civil, customary and religious law. There are over 700 (known) languages, and working languages include: English, French, Portuguese, and Arabic. Africa has experienced high and continuous economic growth in the past decade. The average annual real growth rate: % % % (UNCTAD Report 2014 Catalyzing investment for Transformative Growth in Africa) Prof. Dr. Mohamed S. Abdel Wahab 32

34 Legal Culture The dominance of civil law systems and farreaching influence of Egyptian law. The interplay between civil law background, common law practice, and Islamic Shari a principles. Prof. Dr. Mohamed S. Abdel Wahab 33

35 The Dispute Resolution Landscape Throughout the MENA region, disputes are on the rise and there has been an increase of the number of arbitration and mediation proceedings. More dispute resolution institutions and centers are being established. The number of BITs (IIAs) has also increased. Greater reluctance to resort to State courts for cross border disputes. Prof. Dr. Mohamed S. Abdel Wahab 34

36 The Dispute Resolution Landscape Two North African States have arbitration laws modelled on the UNCITRAL Model Law: Tunisia (1993) and Egypt (1994). Five North African States have ratified the New York Convention (Egypt, Tunisia, Algeria, Morocco, and Mauritania) Libya and North Sudan did not yet join. Six North African States have ratified the Washington ICSID Convention (Egypt, North Sudan, Tunisia, Algeria, Morocco, and Mauritania) Libya did not yet join. 35 Prof. Dr. Mohamed S. Abdel Wahab

37 The Dispute Resolution Landscape The most active African States in arbitration (in terms of known number of cases) are: Egypt, Mauritius, Nigeria, South Africa, Tunisia. African States concluded 828 known BITs, with the following 6 countries having concluded the highest number of BITs: (ICSID & UNCTAD Statistics) Egypt (around BITs) Morocco (around BITs) Tunisia (around BITs) South Africa (around 50 BITs) Algeria (around BITs) Mauritius (around BITs) Prof. Dr. Mohamed S. Abdel Wahab 36

38 The Dispute Resolution Landscape The total number of known treaty-based cases ( ) reached 568 cases. About three-quarters of which were brought against developing and transition economies. The top 10 Respondent States ( ) included 1 North African State (Egypt). In total and until 31 December 2014, ICSID had registered 497 cases, with 10% State Parties involved from the MENA region. In terms of economic sectors: the Oil, Gas & Mining sector topped the chart by 26%, followed by the energy and power sector with 14% of all registered cases. Prof. Dr. Mohamed S. Abdel Wahab 37

39 Judicial Trends and Arbitration The Past Decade: Greater awareness of international arbitration. Competition for arbitration-friendliness. Arbitration legislations and enforcement/recognition challenges. Prof. Dr. Mohamed S. Abdel Wahab 38

40 II. Arbitration Institutions Institutional vs. Ad Hoc Arbitration. Examples of institutions for MENA region cases: ICC, LCIA, LCIA-DIFC & LCIA-MIAC, CRCICA (UNCITRAL Rules Based), DIAC Other Centers (ADCAC, BCDR-AAA, Qatar Arbitration Centre, Gulf Arbitration Centre, etc.) New Centers? Prof. Dr. Mohamed S. Abdel Wahab 39

41 Some ICC & LCIA Statistics ICC 2013 Sub-Saharan Africa cases involved parties from 29 nationalities and seats in 8 countries in the region. African involvement increased by more than 85% in 14 years. In 2010, 70% of the seats of arbitration were in Europe, 14% in Asia/Pacific, 14.5% in the Americas, and 1.5% in Africa (compared to 0.5% ten years ago). In 2013, cases involving State and State owned entities (86 cases out of 767) 34% came from Africa (9% North Africa and 26% Sub-Saharan Africa). LCIA 2013 A total of 290 arbitrations were referred to the LCIA with around 12% involving African Parties (with Mauritius 1.8% and Nigeria 2% and South Africa 1.4%). Prof. Dr. Mohamed S. Abdel Wahab 40

42 Some CRCICA Statistics Source: Prof. Dr. Mohamed S. Abdel Wahab 41

43 Some CRCICA Statistics Source: Prof. Dr. Mohamed S. Abdel Wahab 42

44 DIAC Statistics The number of cases registered with DIAC from 2007 to 2013 Source: Zulficar&Partners 43

45 II. Arbitration Institutions What, how, and where to choose? Freedom of choice by the parties. Costs of arbitration and facilities offered by the arbitral institution. Certainty and comprehensiveness of the arbitration rules. The impact of arbitration legislation on the choice of the seat of arbitration. The flexibility of the enforcement and recognition of arbitral awards. 44 Prof. Dr. Mohamed S. Abdel Wahab

46 III. Sectors of Interest & FDI Trends Oil & Gas; Telecommunications; Infrastructure; Power; and Finance and Financial services. Prof. Dr. Mohamed S. Abdel Wahab 45

47 III. Sectors of Interest & FDI Trends FDI inflows to the MENA region amounted to an average USD 45 billion in This represents a 52% decrease compared to 2008, which was a peak year for FDI in the region, with USD 93 billion. FDI inflows to MENA and other developing country regions, Source: < pdf> Prof. Dr. Mohamed S. Abdel Wahab 46

48 III. Sectors of Interest & FDI Trends The oil and gas, power and infrastructure sectors remain very attractive sectors for investments in the MENA region. Since 2009, MENA economies have been exposed to repeated external and internal hits as a result of the global economic crisis and the so-called Arab Spring (more likely Arab Winter ). Indeed, in 2011, some MENA countries witnessed an average of 70% decrease in FDI inflows compared to Yemen, Egypt, Libya, and Tunisia, were significantly hit. Egypt experienced disinvestments exceeding USD 600 million between 2010 and Prof. Dr. Mohamed S. Abdel Wahab 47

49 III. Sectors of Interest & FDI Trends In 2013, amongst North African and Arab States, Egypt became been the 3 rd largest FDI recipient, benefitting from 12% of total FDI inflows in the MENA region. Similarly, Morocco, Iraq and Kuwait experienced important increases in FDI inflows. Morocco, for example, signed a PPP agreement with Renault group to build a second production line investing USD 542 million. Prof. Dr. Mohamed S. Abdel Wahab 48

50 III. Sectors of Interest & FDI Trends FDI inflows by MENA country destination (% of the total) Source: UNCTAD FDI Database Prof. Dr. Mohamed S. Abdel Wahab 49

51 III. Sectors of Interest & FDI Trends FDI inflows to selected MENA sub-regions ( ) Arab Countries in Transition Gulf Cooperation Council (USD billion) (USD billion) Source: Prof. Dr. Mohamed S. Abdel Wahab 50

52 III. Sectors of Interest & FDI Trends Several Gulf Cooperation Council ( GCC ) economies have injected substantial investments and project financing to several MENA region economies in transition, such as Egypt, Jordan, Morocco, Tunisia and Yemen. The UAE was the largest investor in the MENA region (surpassing the USA), with a total of USD 163 billion invested in 543 projects Source: World Bank, Prof. Dr. Mohamed S. Abdel Wahab 51

53 III. Sectors of Interest & FDI Trends FDI to the MENA region remain concentrated in a limited number of sectors. In 2013, coal, oil and natural gas (also referred to as natural resource or mining sector ) were the leading industries benefitting from FDI inflows. Between 2003 and 2012, the natural resource and nontradable sectors (mainly real estate and construction) received nearly 50% more greenfield FDI flows than tradable non-resource manufacturing and commercial services, especially for countries like Egypt, Jordan and Libya. Prof. Dr. Mohamed S. Abdel Wahab 52

54 III. Sectors of Interest & FDI Trends Greenfield FDI inflows into Arab Countries in Transition by sector and source (% of total), Source: World Bank, 2012 (based on FDI Markets). Prof. Dr. Mohamed S. Abdel Wahab 53

55 III. Sectors of Interest & FDI Trends In contrast, high quality FDI (i.e. FDI that creates employment and promotes transfer of technologies and managerial know-how to host economies) in non-oil tradable manufacturing and services, has decreased substantially, making of the MENA region one of the least integrated developing regions in global value chains. FDI in manufacturing accounted for just one fifth of all FDI inflows to the region. Source: OECD, 2014 and World Bank, Prof. Dr. Mohamed S. Abdel Wahab 54

56 Investment Trends & Dispute Resolution In the MENA region the legal framework on Alternative Dispute Resolution ( ADR ) is perceived as a moderate to minor obstacle to FDI. The Arbitrating and Mediating Disputes Perception Score (AMDPS) measures the average perception of contributors, based on a scale from 1 to 5, of the extent to which the legal framework on ADR is an obstacle to FDI. The highest scores indicate the regions where the obstacle is perceived as bigger. The score is 2.8 in MENA region. (FDI Regulations database, 2012) There seems to be a direct relationship between FDI and AMDPS. Economies that score better on the AMDPS tend to facilitate the receipt of more FDI inflows. Prof. Dr. Mohamed S. Abdel Wahab 55

57 IV. Prospects, Challenges and Risks Prospects: It is clear that North Africa and the wider MENA region are open for business with ample opportunities for greenfield, brownfield and high quality FDI in oil & gas, mining, infrastructure, telecommunications, power (including renewable energy) and financial services sectors. Prof. Dr. Mohamed S. Abdel Wahab 56

58 IV. Prospects, Challenges and Risks Challenges & Risks: Regional volatility. Uncertain investment and regulatory climate. Policy and legal uncertainty. Transparency and rule of law. Absence of conducive dispute resolution environment and infrastructure. Prof. Dr. Mohamed S. Abdel Wahab 57

59 IV. Prospects, Challenges and Risks Challenges & Risks: Absence of affluent businesses and consumers markets, and sophisticated banking industry. Absence of world class physical infrastructure and logistics facilities. Varied judicial approaches to ADR and international arbitration. Prof. Dr. Mohamed S. Abdel Wahab 58

60 We wouldn t be investing as much in the rest of Africa if we didn t believe. Africa will be the success story in the next decades Africa is on the move and it is moving forward. (Julian Roberts, Group Chief Executive, Old Mutual, January 2014) Prof. Dr. Mohamed S. Abdel Wahab 59

61 ARBITRATION IN SOUTH AFRICA Des Williams, Director, Werksmans Attorneys, Johannesburg, South Africa

62 SOUTH AFRICA THE INVESTMENT LANDSCAPE > Second largest economy in Africa (after Nigeria) > Contributes about 25% of African GDP, 40% of its industrial output and 50% of its electricity supply. > Ranked as an upper middle income economy by the World Bank. > Population approximately 52million. > 11 official languages. > Broad Based Black Economic Empowerment (BBBEE) a key Government policy. > Investment treaties are being replaced by controversial Promotion and Protection of Investment Bill. 61

63 SOUTH AFRICA LEADER IN FDI PROJECTS Source E&Y Attractiveness Survey Africa 2014 > In 2012 and 2013 South Africa received at least double the number of FDI projects of the second largest recipient. 62

64 SOUTH AFRICA AS AN INVESTOR IN AFRICA > South Africa is the third largest investor in Africa (after the UK and US). Source E&Y Attractiveness Survey Africa

65 SOUTH AFRICA AN ATTRACTIVE INVESTMENT DESTINATION Source E&Y Attractiveness Survey Africa

66 SOUTH AFRICA INVESTMENT OPPORTUNITIES Source E&Y Attractiveness Survey Africa

67 ARBITRATION Arbitration in South Africa > is a popular method of commercial dispute resolution; > enjoys strong court support; > will soon be supported by the introduction of major new arbitration legislation. 66

68 KEY EVENTS FROM 1998 TO 2015 Law Commission s report in 1998 made three core proposals - Introduction of the UNCITRAL Model Law. Implementation of changes to legislation on the New York Convention. Accession to the Washington Convention. 67

69 1998 TO 2015 (cont) Progress was slow. Political issue was perception that arbitration was inimical to judicial transformation in postapartheid South Africa. Perception has now changed for the following reasons Strong court support from both Supreme Court of Appeal and Constitutional Court Realisation that South Africa was losing ground to Mauritius and other centres as a regional arbitration centre. Arbitration no longer seen as inimical to judicial transformation. 68

70 THE NEW INTERNATIONAL ARBITRATION ACT Two of the Commission s key proposals have been accepted, in principle. > Introduction of the UNCITRAL Model Law. > Implementation of changes to legislation on New York Convention. Bilateral investment treaties have fallen out of favour. To be replaced by new Promotion and Protection of Investment Act. International Arbitration Act expected to be enacted in early

71 MAJOR ARBITRATION ORGANISATIONS > Arbitration Foundation of Southern Africa ( AFSA ) > Africa ADR, which is a domestic and regional arbitration organisation affiliated to AFSA. > The Court of Arbitration of the International Chamber of Commerce ( ICC ). > London Court of International Arbitration Also note establishment of China-Africa Joint Arbitration Centre ( CAJAC ). 70

72 HOT SECTORS > Mining > IT/Telecoms > Banking and finance > General/commercial 71

73 SOUTH AFRICA AS A REGIONAL ARBITRATION CENTRE > Introduction of new International Arbitration Act will stimulate development as regional arbitration centre. Main competition will continue to be Mauritius. South Africa has significant geographic and infrastructural advantages. > Signs of increasing activity as regional arbitration centre. Examples, in our arbitration practice, include the following Acting for Kamoto Copper (a DRC company) against Zhongji (A Chinese company) in litigation and arbitration proceedings in South Africa arising from termination of a construction contract in the DRC. Representing the Namibian subsidiary of a UK mining group against the Namibian subsidiary of an Indian mining group in arbitration proceedings concerning rights under a prospecting agreement. 72

74 THE ARBITRATION CLAUSE The most widely used standard arbitration clauses are AFSA ICC LCIA Too early to say whether CAJAC arbitration clause will be widely used. 73

75 Standard clauses are all acceptable, but note the following AFSA rules provide for an appeal, if agreed. No appeal unless provided for in arbitration clause or subsequently agreed. Clause should provide for Seat of the arbitration. The language to be used in the arbitration proceedings. The governing law of the contract Standard form multi-tiered dispute resolution clauses (eg, FIDIC) widely used, particularly in construction and engineering contracts. 74

76 CONCLUSION > South Africa very well placed to develop as the major Southern African regional arbitration centre. > Climate has changed. Political hesitation has given way to strong support. > China increasingly important. Strong Chinese support for resolution of commercial disputes through regional organisations. Most recent example is CAJAC. 75

77 WEBINAR Q&A

78 THANK YOU Please join us for additional webinars in the K&L Gates International Arbitration Webinar Series. 29 October 2015 Can the Arbitration Process under Bermuda Form Policies Be Enhance for Policyholders? 2 December 2015 A Review of the International Arbitration Landscape Across Three of the Main Latin American Arbitral Centres Learn more about these and other webinars at klgateshub.com The K&L Gates International Webinar Series will continue in 2016.

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