From 1978 to 2010, the Kuala Lumpur Regional Centre for Arbitration (KLRCA) recorded 22 cases. By 2016, it recorded a staggering 618 cases, a 96.4% growth since 2010. The case analysis was released yesterday with the launch of KLRCA’s 2016 Annual Report.
The number of cases for arbitration translates to claims totaling to USD295,470,992.84 (for international cases) and MYR468,209,113.39 (for domestic cases). Further claims amounting to MYR1,537,979,679.80 was adjudicated. This is an all time high for the Centre since its resurgence in 2010.
The KLRCA’s director, Datuk Professor Sundra Rajoo, who has served since 2010, spearheads its initiatives. It also has an advisory board chaired by the Attorney General of Malaysia, Tan Sri Dato’ Sri Haji Mohamad Apandi Ali. Other advisory board members are renowned local and international arbitrators.
“Malaysia is poised to become the epicentre of the largest economies in the world. The cultural and geo-political alignment of Malaysia makes it evident that global and regional trade partners rely on KLRCA and Malaysia to become the hub of ADR,” stated Datuk Professor Sundra Rajoo at the event.
There to launch the report was YB Dato’ Sri Azalina Othman. The KLRCA falls under the purview of Dato’ Sri Azalina in her capacity as the minister in the Prime Minister’s Office in charge of legal affairs.
The KLRCA tributes its success to their stakeholders’ support whom have engaged and embarked on a shared commitment in enhancing the alternative dispute resolution (ADR) in Malaysia and the region. However, its astronomical growth would not have been possible without an ADR-friendly legal framework, this is apparent in the wide acceptance and usage of the KLRCA Rules.
In line with the Centre’s need to remain competitive and efficient, the revised KLRCA Rules will be launched this year in May at the KLRCA International ADR Week 2017.
Operating from its state-of-the-art facilities within the heritage gazetted, Bangunan Sulaiman, the KLRCA is also known to industry-practitioners for its thought provoking capacity building and educational initiatives worldwide. To this end, the Centre rolled out more than 54 worldclass events in 2016; this ultimately benefitted more than 1500 participants.
The KLRCA Annual Report 2016 can be found on the Centre’s website.