The LCIA has announced that, as of 27 July 2018, its joint venture with the Mauritian Government which established the LCIA-MIAC arbitration centre will come to an end and that, consequently, as of that date LCIA-MIAC will also no longer be operational.
LCIA-MIAC was established in 2011 with the aim of providing a similar offering to the LCIA in London, but primarily intended for use by, and for the benefit of, parties doing business in and through Mauritius (which in recent years has established itself as an important regional investment hub) and the wider African region.
Although LCIA-MIAC is shortly about to be wound down, transitional provisions have been put in place to deal with arbitration agreements referring to the LCIA-MIAC rules. In short, the LCIA will continue to administer arbitrations under LCIA-MIAC arbitration agreements entered into on or before 31 August 2018 (in respect of which it has implemented a new set of LCIA-MIAC rules for any arbitrations commenced on or after 27 July 2018). The MIAC, which is to continue as a new, independent arbitration institution in Mauritius, will administer cases arising from LCIA-MIAC arbitration agreements inadvertently entered into on or after 1 September 2018. Irrespective of these provisions the LCIA has strongly recommended that parties do not, as from 27 July 2018, conclude LCIA-MIAC arbitration agreements and users should take note of this.
More details can be found via the LCIA’s and MIAC’s press releases here and here.