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O’Melveny’s Yeoh Quoted in Asian Legal Business on PRC’s Constraints on CIETAC’s International AmbitionsJune 15, 2012
O’Melveny & Myers LLP partner Friven Yeoh is quoted in the article “Arbitration Ambitions,” in the May 2012 issue of Asian Legal Business. ALB reports on how the latest version of the China International Economic and Trade Arbitration Commission’s (CIETAC’s) rules, effective since May 1, 2012, “is widely regarded by practitioners as a welcome development towards regulations that follow international standards. Although they demonstrate CIETAC’s international ambitions, uncertainties remain over the constraints imposed by PRC law.”
Yeoh told ALB how arbitration institutions often revise their rules to keep on par with international trends such as “ the increasing demand for the consolidation of proceedings, have already been addressed in the recent updates of other major international arbitration institutions like the International Chamber of Commerce (ICC).”
He continued by stating, “It is a welcome change in the sense that the revised rules improve on some of the shortcomings of the previous version. But I think, given the option most foreign investors will still prefer using an international arbitration institution outside of mainland China.”
Yeoh is a partner in O'Melveny's Hong Kong office, a Registered Foreign Lawyer in O'Melveny's Singapore office, and a member of the Business Trial and Litigation Practice.