Out of the Shadows Indonesia Rebuilds, Breaks Ties with the Past
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WWW.VANTAGEASIA.COM SEPTEMBER – OCTOBER 2016 VOLUME 1 | ISSUE 2 ASIA BUSINESS LAW JOURNAL BUSINESS LAW ASIA BUSINESS LAW JOURNAL LEGAL INTELLIGENCE FOR IN-HOUSE COUNSEL Out of the shadows Indonesia rebuilds, breaks ties with the past SEPTEMBER – OCTOBER 2016 OCTOBER – SEPTEMBER The battle for supremacy in arbitration UNCITRAL’s regional chief talks reform Asian corporates wise up to M&A insurance Vantage Asia India looks East with desires for expansion October 14th 2016 | Grand Copthorne Waterfront Hotel The 2nd edition of South East Asian Private Equity Conference 80+ LPs | 60+ GPs | 60+ CEOs Preqin delegates are One-day event entitled to an exclusive discount of 20 %! 250 attendees The conference is a Special Coupon for from PE Funds, Limited unique networking Registration: Partners, Fund of Funds, VC, CEO, PE-backed companies, opportunity in the startups, Business angels and many more. Private Equity SEAPEC_VantageAsia market and beyond. 50 + Speakers Register now online: Contact us: [email protected] +351 963 441 464 pe-insights.org/sea/register 1 Keynote CONTENTS CONTENTS 33 3 LEADER Clear insight: Shining a light on the bigger picture 4 NEWS • Brexit trade swing to Asia? • China’s pharma M&A appetite • Korea’s BKL sets up in Yangon 15 BUSINESS LAW DIGEST • Thailand’s Foreign Business Act • Vietnam’s draft insurance review • New drone rules in Australia 24 IN-HOUSE AGENDA Calendar of events for regional corporate counsel associations 27 DISPUTE DIGEST • Indonesia: award misconceptions • Enforcement risk in China • SICC decision turns up the heat 33 COVER STORY Out of the Shadows: Despite the challenges, Indonesia makes its best efforts to rebuild 53 IN FOCUS Arbitration Wars: Battle for supremacy 53 67 SPOTLIGHT UNCITRAL’s regional chief: Q&A 73 INTELLIGENCE REPORT 67 Deal Shields: Corporates in Asia wise up to M&A insurance 85 ASIA-SPECIFIC A View to the East: India eyes expansion in Asia 92 CORRESPONDENTS Expert advice from Asia Business Law Journal’s correspondent law firms 92 CHINA – CORPORATE & COMMERCIAL 95 INDIA – INTELLECTUAL PROPERTY 98 PHILIPPINES – CORPORATE & COMMERCIAL Allbright Law Offices Anand & Anand ACCRA Law Offices 93 CHINA – DISPUTE RESOLUTION 96 INDONESIA – CORPORATE & COMMERCIAL 99 SINGAPORE – CORPORATE & COMMERCIAL Boss & Young Lubis Ganie Surowidjojo Central Chambers Law Corporation 94 INDIA – CORPORATE & COMMERCIAL 97 OFFSHORE FINANCE 100 THAILAND – CORPORATE & COMMERCIAL Khaitan & Co Maples and Calder Silk Legal 1 ABLJ ⁄ SEPTEMBER – OCTOBER 2016 ASIA BUSINESS EDITORIAL BOARD LAW JOURNAL September-October 2016 Volume 1 / Issue 2 ISSN: 2518-3141 EDITORIAL Email: [email protected] Telephone: +852 3622 2673 Himavat Chaudhuri Gavin Denton Deepak Dhawan Andrew Godwin Will Herbert Gigi-Anne Hoh Chief Legal and Head of Chambers, Executive Director, Author, Associate Director, President, Japan Regional Legal Counsel, Regulatory Affairs Officer, Arbitration Chambers Corporate Affairs & Law, Asian Law Centre, In-house Counsel Syngenta Asia-Pacific SUBSCRIPTIONS Tata Sky Hong Kong Indian Oil Corporation Melbourne Law School Network Email: [email protected] Telephone: +852 3622 2623 www.vantageasia.com EDITOR John Church CONTRIBUTORS Tanya Khan Akhil Prasad João Ribeiro Yudhistira Setiawan Ashok Sharma Lin Shi James Kelly, Vandana Chatlani, Vice President/Managing Country Counsel, Head, Regional Centre President, Founder & President, President, Paul Campbell Director, Australia & Boeing International for Asia-Pacific, Indonesian Corporate Indian Corporate Hong Kong Corporate CREATIVE CONSULTANT Asia-Pacific,Association Corporation India UNCITRAL Counsel Association Counsel Association Counsel Association of Corporate Counsel Apostrophe Design HEAD OF MARKETING Anita Fung BUSINESS DEVELOPMENT MANAGER Thom Andrews ASSOCIATE PUBLISHERS Kim Cheung, Tina Tucker Huen Wong Dharmendra Yadav Steven Yeo Professor Yeo Peter Zhang Shawn Zhao Xiaoxue PUBLISHERS Honorary Chairman, Vice President, Senior Vice President & Tiong-min General Counsel and Vice President and James Burden, Kelley Fong Hong Kong International Singapore Corporate General Counsel, Dean, Singapore Board Secretary, General Counsel, Arbitration Centre Counsel Association Asia Manulife Management University Greater China Greater China, School of Law Sony Mobile Hewlett Packard OUR CORPORATE COUNSEL ASSOCIATION PARTNERS VANTAGE ASIA PUBLISHING LIMITED 21/F Gold Shine Tower 346-348 Queen’s Road Central Hong Kong Telephone: +852 3622 2673 Email: [email protected] EDITOR-IN-CHIEF John Church DIRECTORS James Burden, Kelley Fong CORRESPONDENT LAW FIRMS Policy on advertising, sponsorship • CHINA – CORPORATE & COMMERCIAL • OFFSHORE FINANCE Maples & Calder and editorial independence In addition to its independent editorial content, Asia Business Allbright Law Offices • PHILIPPINES – CORPORATE & COMMERCIAL Law Journal may contain some paid advertisements/listings and sponsored content. 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The these risks can be mitigated with M&A issue of Asia Business views on reform from inside this nation insurance. Both brokers and insurers have Law Journal. We are well worth reading. recognized significant upticks in deals of hope you enjoyed Alternative dispute resolution has grown late in tandem with a greater awareness in our inaugural rapidly from a side order to a main course the region of the types of products on offer Wissue and found useful items of interest on the menu for corporate counsel and law and how they apply to advisers and their within its pages. Many thanks, too, to firms alike. Arbitration Wars looks at the clients. And a rise in claims mirrors an all the well-wishers for their letters of top performers and the pretenders in the increase in business, the experts say, across support. We aim to continue as we have region, and explores where and why the sectors including infrastructure, health- started, by providing our readers with industry is successful. The major players are care, agriculture and education. We look at credible insights and legal intelligence for rapidly being joined by others in the region the policies and the regional markets that in-house counsel, law firms and the wider vying for a slice of the pie. We also look at are showing an interest. legal community. crucial national regulatory developments A View to the East analyses India’s desire In this issue, as our cover with its iconic that will influence future trends. to expand and strengthen trade in the Asian shadow puppet suggests, our main feature In our Spotlight section, Asia Business neighbourhood. We look at prominent Out of the Shadows focuses on Indonesia Law Journal asks João Ribeiro, head of Indian enterprises and the inroads they and its path to a more open legal frame- the United Nations Commission on have made in the region, as well as the work that will encourage foreign invest- International Trade Law’s Regional Centre increasing interest of Asia’s multinationals ment. As the lawyers and counsel we for Asia and the Pacific,