Another Successful Securities Arbitration at LAPS SJK – Representing the Indonesian Branch of a Multinational Securities Company in Fully Recouping Damages Arising from Unsettled Stock Transactions
We are pleased to announce the recent success of our Litigation & Alternative Dispute Resolution team in representing the Indonesian branch of a multinational securities company as a claimant in an arbitration against a customer before the Financial Services Sector Alternative Dispute Resolution Institution (Lembaga Alternatif Penyelesaian Sengketa Sektor Jasa Keuangan / LAPS SJK).
The case was initiated as the “pilot arbitration” in a series of LAPS SJK arbitrations brought by the client to demand the settlement of high-value stock transactions instructed by several of the client’s customers – both high net-worth individuals and professional trading companies. This arbitration was the first case initiated by the client to spearhead its loss recovery strategy, which involves various personnel assigned to collect and analyze complex financial data and transaction histories to strengthen the case.
As the arbitration was administered by LAPS SJK (organized under the auspices of the Indonesian Financial Services Authority), the team not only had to prove and face questions relating to the breach of contract issue, but also complex capital market and financial regulatory compliance issues in relation to the execution and administration of the transactions.
Our team was able to successfully convince the tribunal that the transactions were properly executed and administered. In parallel with the arbitration, the team also engaged in bilateral settlement discussions with the respondent outside the arbitration process. Given the deadlock between the parties, the case continued to trial and in the end the tribunal granted the full amount claimed by the client.
Our team was led by Melati Siregar with the support of Nikki Krisadtyo and Ramadinan Saptara. We would like to thank the client for entrusting us in handling this case.
Congratulations to the team and the client!
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