Latest news with #UNCITRAL
New Straits Times
29-07-2025
- Business
- New Straits Times
Dewan Rakyat passes Cross-Border Insolvency Act 2025
KUALA LUMPUR: The Dewan Rakyat today passed the third reading of the Cross-Border Insolvency Act 2025, which provides a long-awaited legal framework to govern cross-border insolvency proceedings in Malaysia. The Act incorporates international principles from the 1997 United Nations Commission on International Trade Law (UNCITRAL) Model Law on Cross-Border Insolvency, whhich will increase cooperation between courts and authorities in Malaysia and other nations involved in cross-border insolvency. The bill was passed at its third reading after being debated by 11 members of the lower house of parliament. Cases on cross-border insolvency currently operate on the practice of the courts to recognise foreign court decisions or proceedings on the basis of mutual understanding – the doctrine of comity – and on cooperation using the principle of reciprocity, said Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said in parliament today. The absence of such law had caused delays in the implementation of corporate rescue mechanisms or company winding-up proceedings. Previously, the assets of the companies involved were also at risk of being hidden or transferred to inappropriate parties, which may affect the collection and production of assets for the benefit of creditors, debtors and stakeholders and reduce foreign investor confidence.
The Sun
11-07-2025
- Business
- The Sun
Malaysia strengthens legal framework to boost trade and AI governance
KUALA LUMPUR: Malaysia is reinforcing its legal framework to support regional trade and emerging technologies, including artificial intelligence (AI), as part of its ASEAN Chair responsibilities this year. Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said highlighted ongoing efforts to liberalise markets through initiatives like the Johor-Singapore Special Economic Zone and partnerships with the European Free Trade Association (EFTA) and China. Azalina emphasised ASEAN's progress in reducing intra-regional tariffs but stressed the need to address non-tariff barriers and regulatory alignment for smoother trade. She spoke at the SCG Legal Regional Meeting 2025 Asia and Pacific Rim, where she outlined key legal reforms, including updates to the Contracts Act 1950 and the Sale of Goods Act 1957. A Cross-Border Insolvency Act, aligned with UNCITRAL standards, is also in development. On digital governance, Azalina confirmed that Malaysia is drafting an AI-specific law focused on ethics and governance. 'This initiative reflects Malaysia's proactive stance in regulating AI to ensure we keep pace with technological advancement while safeguarding public trust,' she said. The framework aims to balance innovation with accountability, supporting Malaysia's goal of becoming a legally robust and economically competitive nation. The SCG Legal Regional Meeting serves as a platform for legal and business leaders to discuss cross-border legal trends and foster collaboration across the Asia-Pacific region. - Bernama
Saudi Gazette
07-07-2025
- Business
- Saudi Gazette
Saudi Arabia participates in UNCITRAL annual session in Vienna
Saudi Gazette report RIYADH — Saud Arabia is attending the 58th annual session of the United Nations Commission on International Trade Law (UNCITRAL), which began in Vienna, Austria, on Monday. The Saudi official delegation is comprising officials from the National Competitiveness Center and the ministries of foreign affairs, justice, commerce, investment, and transport and logistics, as well as from the Board of Grievances and the Bankruptcy Commission. Saudi Arabia has been a member of UNCITRAL during the 2022–2028 term and participates in its annual meetings through a working team headed by the National Competitiveness Center and comprising several relevant government entities. During the opening session, the president and vice presidents were elected, after which delegates reviewed the draft 'International Convention on Negotiable Cargo Documents.' Produced by Working Group VI, the draft convention regulates the legal instruments governing international carriage of goods, covering both paper and electronic bills of lading and the associated rights and obligations. The session will continue until July 23. UNCITRAL seeks to remove obstacles to international commercial transactions created by national cross‑border trade laws by drafting unified international conventions and model laws, encouraging member states to incorporate them into domestic legislation, and assisting in national law‑reform projects.
Asharq Al-Awsat
07-07-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Participates in UNCITRAL Annual Session in Vienna
The United Nations Commission on International Trade Law (UNCITRAL) has opened its 58th annual session in Vienna, Austria, with the Kingdom represented by an official delegation from the National Competitiveness Center and the ministries of foreign affairs, justice, commerce, investment, and transport and logistics services, as well as the Board of Grievances and the Bankruptcy Commission. UNCITRAL seeks to remove obstacles to international commercial transactions created by national cross‑border trade laws by drafting unified international conventions and model laws, encouraging member states to incorporate them into domestic legislation, and assisting in national law‑reform projects, according to SPA. At the session's opening, held from July 7 to 23 at United Nations Headquarters in Vienna, the president and vice presidents were elected, after which delegates reviewed the draft 'International Convention on Negotiable Cargo Documents.' Produced by Working Group VI, the draft convention regulates the legal instruments governing international carriage of goods, covering both paper and electronic bills of lading and the associated rights and obligations. The Kingdom has been a member of UNCITRAL during the 2022–2028 term and participates in its annual meetings through a working team headed by the National Competitiveness Center and comprising several relevant government entities.
Mint
04-06-2025
- Business
- Mint
Verdict on Mittal Groups USD 400-mn claim against Bosnia and Herzegovina likely in a month: Co official
New Delhi, Jun 4 (PTI) The verdict on the USD 400 million (around ₹ 3,438 crore) international arbitration claim filed by industrialist Pramod Mittal, brother of steel tycoon Lakshmi Mittal, is likely to be announced within a month, an official of the Mittal Group said on Wednesday. Mittal, the chairman of the Mittal Group -- a global conglomerate engaged in steel, energy, mining and infrastructure -- filed a USD 400 million international arbitration claim against the government of Bosnia and Herzegovina, citing serious breaches of the India-Bosnia Bilateral Investment Treaty (BIT) signed in 2006, the company official said. "This is one of the strongest investor-state claims emerging from India in recent years. It goes beyond commercial loss -- it tests the credibility of BIT protection in fragile jurisdictions," the person said, requesting anonymity. An e-mailed query to Mittal Group spokesperson remained unanswered. The claim, filed under the UNCITRAL arbitration framework in early 2023 in Vienna, stems from the breakdown of a joint venture between Mittal's Global Steel Holdings Ltd and Bosnia's state-owned Koksno Hemijski Kombinat (KHK). The partnership, launched in 2003, gave rise to Global Ispat Koksna Industrija Lukavac (GIKIL) -- a major coke producer employing over 900 people in northeastern Bosnia. The official said over time, Mittal's majority stake and management rights were systematically eroded. In 2019, Mittal and other executives -- Paramesh Bhattacharyya, then General Director of GIKIL, and Rajib Das, Finance Director of GIKIL, were detained on allegations of financial mismanagement. Mittal and both the executives were later released on bail, and no conviction has been registered to date, and no charges against them have been proven. "This arbitration is not just about recovering losses. It reflects the risks investors face when legal safeguards are ignored in politically unstable economies," said a former director of GIKIL, who worked closely with both GSHL and Bosnian authorities. Mittal's arbitration may also signal a broader shift in the strategy of Indian investors abroad -- more assertive, treaty-backed, and legally prepared, he said. "This case could become a reference point for future BIT claims filed by Indian companies operating in post-conflict economies," he added. With a career spanning over three decades, Mittal is known for identifying high-potential opportunities in emerging and transitional economies and helping to revive industrial infrastructure in post-conflict zones and under-capitalised regions. The Mittal Group had operations or investments in over 15 countries, including India, Bosnia and Herzegovina, Nigeria, Bulgaria, Libya, Serbia, the Philippines, China, Egypt, and the UK.
