I am going back to school tomorrow, or rather, going to attend a workshop on Maritime Arbitration for a couple of days at the Kuala Lumpur Regional Centre for Arbitration (KLRCA) in Jalan Conlay, which will be jointly organized by Institut Kelautan Malaysia (IKMAL) and the KLRCA.
This is very exciting indeed, for we are about to introduce maritime arbitration for the first time in this country. In line with our national aspiration to become a truly major maritime nation, it is about time that resolutions of business disputes in the maritime industry be done locally unlike in the past and at present where it is very Euro-centric and most cases head towards traditional centers like London or New York. This will cut costs at least by half.
They say you will need to learn to walk before you can run, so for a start, we are going to introduce a special 'fast track' resolution and settlement of disputes for claims amounting to less than RM250,000. Something like a 'small claims' court for the Malaysian maritime industry to be administered by IKMAL under the auspices of the KLRCA. So as they say again, watch this space.