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In April 2024, a law passed by the Investment Authority opened the import, wholesale, retail and export (of raw coffee, khat, oilseeds, pulses, hides and skins, forest products, poultry and livestock bought from the local market) sectors to foreign investments.
Other key initiatives included corporate policies that benefit the environment, preventing bribery and corruption, and social justice (see Figure 1). Take, for example, Boohoo, a major retailer in the U.K. Among CSR initiatives, overall sustainability topped the list of priorities.
Anti-corruption policies further reinforce integrity in procurement, safeguarding public funds and fostering trust in government processes. Transparent criteria for evaluating social value proposals allow for fair competition among suppliers while keeping them liable for their commitments.
More from our authors: Dealing with Bribery and Corruption in International Commercial Arbitration: To Probe or Not to Probe by Emmanuel Obiora Igbokwe € 190 Arbitration in Egypt: A Practitioner's Guide by Ibrahim Shehata € 190 The real impact of Sian remains to be seen.
Ms Kwan noted that cultural behaviour can impact the interpretation of evidence – for example, accounting information and sales in a post-M&A dispute which required knowledge of Chinese retail behaviour and cultural holidays when assessing accounting patterns over the Spring Festival period.
In the case of Parkdenton Ltd v Euro General Retail Ltd t/a EuroGiant [2024] IEHC 387 (Nolan J) a set aside application pursuant to two of the four grounds as per Article 34 of the UNCITRAL Model Law was rejected by the High Court. 2(a)(ii) and s.2(a)(iii) 2(a)(iii) respectively).
In Hong Kong, the case law was fragmented until the Hong Kong Court of Appeals judgment in Re Simplicity & Vogue Retailing (HK) Co Limited [2024] HKCA 299 which pronounced that arbitration clauses should generally be given priority over winding-up petitions to the same effect as foreign exclusive jurisdiction clauses.
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