Ronald Sum, Locke Lord’s Head of Arbitration, East Asia and Partner in the Firm’s Hong Kong office, discussed the significance of Hong Kong now permitting third-party funding of arbitration after a 19-month wait with The American Lawyer International. Sum stated, “It’s a turning point for Hong Kong. Just the fact that there is another way [to afford arbitration]. It’s an additional service that Hong Kong can offer to the parties.”
Sum, who is also a member of the Hong Kong government’s Advisory Committee on Promotion of Arbitration, noted that the longer wait in Hong Kong in comparison to Singapore’s quick passage of the process, is not a concern. He said, “Obviously, I would have preferred if the wait was shorter, but I don’t want to forgo a clear code of conduct. At the end of the day, parties come in because of a clear legislature. They don’t want uncertainty. If it takes 19 or 24 months, so be it.”
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