Summary: The Dhaka Stock Exchange (DSE) is set to distribute compensation to customers of four brokerage firms from the Investors' Protection Fund established almost a decade ago. Content: As per the Dhaka Stock Exchange (DSE), 8,561 customers have filed claims amounting to more than Tk200 crore until 1st October this year. However, for now, the DSE will disburse Tk25 crore, which is... Read More
Summary Japan became the twelfth State Party to the United Nations Convention on International Settlement Agreements Resulting from Mediation, also referred to as the "Singapore Convention on Mediation", by depositing the instrument of accession at the UN Headquarters in New York. Content The accession by Japan was effected on 1st October 2023; However, the Convention will become effective for Japan on... Read More
Summary The Chittagong Port Authority (CPA) has recently announced that they will not be liable for any compensation claims made by port users who have suffered damages as a result of the heavy rainfall and severe floods in the port areas since 5th August. Content The Chittagong Port Authority (CPA) issued a notification last week as they anticipated prospective claims due to... Read More
Summary: Saudi Arabia implements the UNCITRAL Model Law on Cross-Border Insolvency in it’s domestic legislation which aims to help States create an equitable, contemporary, and fair insolvency framework so that cross-border procedures involving debtors who are facing serious financial difficulties, can be handled more successfully. To make the MLCBI a more useful tool, the accompanying Guide to Enactment, which offers... Read More
We are pleased to announce that we have successfully helped our client, a multinational corporation (MNC) with a representative office in Bangladesh, receive their outstanding payment under a letter of credit (L/C) from a local bank. The payment was for a cross-border international shipment of goods consisting of industrial-grade sewing machines. The MNC had been waiting for payment of their... Read More
VAT, Tax and Customs related legal disputes are complex & often require specialized knowledge. There are different forums available for resolution of disputes. One of the big challenges involving taxation matters is that the laws & regulations are constantly changing. Under the Finance Act 2023 a new income tax at source on transferring of property is now payable. A new digital... Read More
The SAARC Arbitration Council (SARCO) has organized a Webinar titled: "Arbitration in Bangladesh: Navigating the Legal Landscape and key institutional developments" to be held on the 20th of June 2023, 3.00 - 3.30 pm (Bangladesh Time) to provide a holistic overview of the legal and institutional developments relating to Arbitration in Bangladesh. We are pleased to announce that our esteemed Head... Read More
Number of Complex construction disputes involving infrastructure projects are rising. Responsibility of the employer and the bidder and successful tenderer on conducting pre-bid feasibility study of the project site is often confusing as the tender document often do not clearly address the issue. If a major flaw is found at later stages on selection of site etc, both employer and... Read More
Summary: Bangladesh's commerce sector is expanding day by day despite numerous disagreements that are occurring in between. Most businessmen use arbitration as a method of resolving any conflict that arises outside of court. Arbitration is favored as a faster and cheaper alternative to litigation. Content: A Bangladeshi company called Khan IT and Services had been receiving computer accessories from a Singapore-based company... Read More
Mr. Mohammed Forrukh Rahman is appointed as a delegate of the ICC Commission on Arbitration and ADR in 2022 as nominated by ICC Bangladesh. This 100-year-old prestigious think tank provided the first draft of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards. (New York, 1958), commonly known as the New York Convention, which is ratified by... Read More
