SEADRILL GHANA OPERATIONS LIMITED v. TULLOW GHANA LIMITED
ENGLAND AND WALES HIGH COURT
Drilling for oil is a risky business. Oil companies seek to protect themselves against the financial consequences of risk by appropriate clauses in their contracts, for example, by a force majeure clause. This case concerns a contract for the hire of an ex pensive oil rig which contained such a clause. During the course of a territorial sea dispute between neighbouring states the arbitration tribunal determining that dispute required drilling to cease in the disputed sea where drilling was to take place....
UK gives landmark statement on cryptoassets
Chancellor of the High Court clarifies legal standing of cryptoassets and smart contracts
The Chancellor of the High Court and Chair of the UK Jurisdiction Taskforce, Sir Geoffrey Vos, launched the LawTech Delivery Panel’s statement on cryptoassets and smart contracts at the Guildhall in London. Speaking at the launch, the chancellor called the statement “a watershed for English law and the UK’s jurisdictions. Our statement on the legal status of cryptoassets and smart contracts is something that no other jurisdiction has attempted.”
Growth of Islamic finance
Banks working towards standardising Shariah contracts over next two years
The Islamic finance industry has seen significant growth and is now estimated to have crossed US$2 trillion (RM8.38 trillion) dollars in assets.
The ecosystem has developed exponentially with the emergence of a full suite of Shariah-compliant offerings such as Takaful, Islamic funds, Shariah Advisory firms, sukuk and more.