Sunday Dec 29, 2024
Sunday Dec 29, 2024
Wednesday, 14 July 2021 00:00 - - {{hitsCtrl.values.hits}}
The Sri Lanka National Arbitration Centre (SLNAC) has called for greater use of local expertise in arbitration under the Port City Commission Act and in the upcoming Port City.
SLNAC shared this suggestion during a courtesy call with Money, Capital Markets and Public Enterprises Reform State Minister Nivard Cabraal.
SLNAC Chairman Sujeiva Samaraweera, Member Board of Governors and Chief Legal Advisor Hiran de Alwis and Chief Operations Officer Johann Atapattu, attended the meeting.
Samaraweera raised the issue that the local arbitration centres could play a pivotal role in the process of dispute resolution with regard to the Port City and its operation, and that it would certainly be prudent to do so in order to boost confidence among all actors.
It was requested that other arbitration centres, such as the SLNAC, be afforded the opportunity to be a part of the dispute resolution process in the Port City.
He also said that the question of foreign exchange outflow could arise, something that could at least to a certain extent be curtailed if local arbitration centres were involved.
He further said that the image of the project, the confidence, the consequent impartiality and transparency, could be effective and could look better.
Hiran de Alwis also reiterated that there were vital amendments that could be proposed to the clause in the Act, and the fact that the inevitable role of local business entrepreneurs would be enhanced with the ensuing confidence also being a positive. He said that SLNAC handles many international arbitrations alongside numerous local ones and is conversant with the process, and therefore possesses the necessary expertise and capability.
SLNAC said the State Minister at this stage appeared to perceive the implications and requested that these proposed amendments be forwarded to him as soon as possible for consideration.
It was also mentioned that Sri Lanka has competent arbitrators as well as internationally recognised arbitrators.
State Minister Cabraal mentioned that for the local arbitration centres to be involved, they would need to maintain a high standard to keep abreast of outside facilitators. He also said that there seemed to be an impression that the court was replicated (air-conditioned court) in the local dispute resolution process in the context of the time factor, but that it was explained to him that it was not entirely so and that the SLNAC is also in the process of going digital with hopes of making the process even more expeditious and professional.
