The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A US attorney with extensive experience in international arbitration said yesterday that the Bahamas would be a “satisfactory” jurisdiction for companies that may not want to use the United States, suggesting there could also be opportunities for this nation in Latin America.

Clyde Lea, deputy general counsel for litigation and arbitration, who has responsibility for all significant disputes involving the American multinational energy coporation, ConocoPhilips, told a Ministry of Financial Services luncheon that e many companies that would prefer not to arbitrate in the US.

“I find  that  the Bahamas; its location, its language, its legal background and the system, all support this opportunity,” Mr Lea said. “There are many, many companies that I have dealt with that prefer not to have arbitration in the United States; they wold rather have it in a place they might consider more friendly or more neutral.

“In many ways the Bahamas would be satisfactory to a lot of companies that do not want to be in Miami or New York, for instance. That’s an immediate opportunity.”    

The Ministry of Financial Services is seeking to develop and promote the Bahamas as an international commercial arbitration centre, and has engaged a number of consultants to assist in developing a road map for this initiative.

The Ministry is seeking to undertake a survey involving the private sector to determine the Bahamas’ niche market areas, and in which business sectors this nation might have a comparative advantage in arbitration.

Mr Lea said the maritime and shipping sector was an obvious target for the Bahamas to look at.

“You already have a large business in shipping and maritime. That’s a natural constituent because those people have disputes,” he added.

“Beyond that I feel as though the Bahamas has very good opportunities with respect to potential disputes arising in Latin America. Again, companies right now want to have their dispute resolved in the US and it would be convenient to be in this region of the world.”