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by pltm
(PLTM) - Pressured by questions from the media as to the sustainability of an arbitration centre, that is yet to host an arbitration matter, Chief Executive Officer of the BVI International Arbitration Centre (BVI IAC), Mr. Francois Lassalle, in defense, said money is being generated despite that fact.
CEO Lassalle and representatives from Business BVI, met with reporters earlier today, May 24, in a press briefing on this year’s arbitration conference, that will be hosted May 27 through to June 2.
After some seven months of being in operation, Lassalle has confirmed that the centre is yet to administer any arbitration matter. The centre was officially opened in November 2016. He noted however, that this does not inhibit the centre from generating money, as it has other functions.
“The centre was designed to host arbitrations, yes, but it is also designed to host conferences and other events. It’s an arbitration centre, but it also caters to non-arbitrational events.”
He added, “We designed the centre so that we can generate income outside of arbitration, so most of the income that we’ve generated, and we’ve generated a significant amount of income over the last five months, was generated through non-arbitration related events like conferences.”
These type of events will generate most of the income for the centre over the next two years, Lassalle said, highlighting that the centre has just hired Ms. Janette Brin as Manager. In that post, Brin is expected to market the centre for non-arbitrational events, in efforts to generate even more income.
“With Janette on board, I would have more time now to focus on growing the arbitration side of the centre.”
Meanwhile, further commenting on the centre not hosting an arbitration matter as yet, Lassalle told media personnel that this is a part of his initial plan.
He explained, “What it takes is for the clauses to be in the contract to direct the parties to resolve their disputes with us. So we started in January to market the clauses, in going into the contracts, and in the event they go south, for people to come to us.”
He added, “What we’ve had in the meantime, is conversations with quite a few parties about how we can move their disputes to the arbitration centre, and those are still ongoing. What we also do is be the pointing authority, to point arbitrators in various disputes.”
If all goes well, the centre is expected to host 2 – 3 disputes throughout 2017, Lassalle said, adding, “Probably ten next year and 13 in the third year...Up to 40 matters a year is not a lot for the centre. That is not the end game. We will be good when we reach 100 a year, but you need to start somewhere. 3, 10 and 40 matters is actually an aggressive target. The arbitrational world has changed, we’ve gone with a much better proposal, much better legislation, but it takes time for people to change their behaviours.”
“This is starting and it’s starting now. If I get five matters I’ll be ecstatic, if I get one, it won’t be a failure. We are still going to generate significant income doing other things to make sure that we are sustainable, but at the same time, I will ensure our centre gets out there.”
This year’s International Arbitration Conference is expected to catapult the BVI IAC into the place it needs to be, as a recognized and highly recommended arbitration centre.
Organiser of the event and Managing Editor of Business BVI, Russell Harrigan said the conference is expected to make a clear statement that the BVI IAC is functioning and up and running.
“The conference is structured where we can not only have BVI attendees, but also attendees from overseas, so that they can leave here and take back to their different entities, the message that the BVI is open for business and that we are clearly and actively moving down that road.”
The conference, which begins this weekend, will attract persons from throughout the region and from international countries.
Participants will engage in various sessions and workshops surrounding arbitration, in addition to various themes relating to the BVI, its offerings, quality and feasibility.
