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Indian appointed as regional director under ICC

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Paris: Abhinav Bhushan, an Indian lawyer was appointed as the regional director for South Asia in the International Arbitration Court under the International Chamber of Commerce (ICC).

The first Indian to be appointed as deputy counsel of the ICCearlier, Bhushan “will be based in its Asia offices in Singapore and will take on part of the role of the outgoing regional director, Sylvia Tee”, the ICC announced in an official statement here.

“I look forward to strengthening ICC’s presence in South Asia and am committed to further raising awareness of ICC Arbitration and other dispute resolution services,” said Bhushan.

“A foremost objective will be to develop a programme of first-rate networking and training events that will bring ICC expertise to the doorsteps of legal practitioners and dispute resolution users in the region,” he added.

The appointment of Bhushan is in continuation of ICC’s efforts to expand its on-the-ground presence in Asia.

Bhushan brings to his new role first-hand experience working on arbitrations arising out of common law jurisdictions, in particular working with parties from India, Singapore and other regions of Asia, the statement read.

Bhushan’s appointment also follows the creation of an Indian Arbitration Group of the ICC, established as part of ICC India.

Besides, Davinder Singh, a top Indian-origin lawyer in Singapore has been named Vice-Chairman of the ICC, the media reported.

The 58-year-old Chief Executive Officer of Drew & Napier Singapore’s leading law firm has been appointed as the Vice-Chairman of the ICC Commission on corporate responsibility and anti-corruption.

Singh, a Member of Singapore Parliament from 1988-2006, is appointed to the leadership of one of 13 policy commissions under the ICC, which forges international rules, mechanisms and standards used across the globe.

The Commission on Corporate Responsibility and Anti-corruption develops rules of conduct, best practices and advocacy for fighting corruption, among other things.

It brings together more than 300 members from 40 countries, representing multi-national companies, law firms, trade associations, and small and medium-sized enterprises.

ICC is a private sector global business organisation with a central role in world trade and commerce.

It provides a forum for businesses and other organisations to examine and better comprehend the nature and significance of the major shifts taking place in the world economy.(IANS)(image: icc.ge)

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Here’s Why Reliance Chairman Mukesh Ambani is No Longer The Richest Man in Asia

Ambani controls almost 42 per cent of Reliance Industries, owner of the world's largest oil refining complex

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Mukesh Ambani
Ambani's current net worth amounts to $41.8 billion, while that of Jack Ma stands at $44.5 billion. Globally, Ambani is the 19th richest man just behind Jack Ma who is at the 18th rank. Wikimedia Commons

Reliance Industries Chairman Mukesh Ambani is no longer the richest man in Asia, owing to the recent freefall in oil prices.

According to the Bloomberg Billionaires Index, Chinese billionaire Jack Ma, the founder of e-commerce major Alibaba Group has toppled Ambani to get the top spot in Asia.

The persistent concerns of severe impact of the coronavirus epidemic coupled with the recent carnage in the oil markets have erased $5.8 billion from the RIL chief’s net worth.

Ambani’s current net worth amounts to $41.8 billion, while that of Jack Ma stands at $44.5 billion. Globally, Ambani is the 19th richest man just behind Jack Ma who is at the 18th rank.

Energy markets went into a free fall on Monday with oil prices across variants plunging around 30 per cent, the biggest fall since the 1991 Gulf War. The slide comes after Saudi Arabia shocked the market by launching a price war after no consensus was arrived between OPEC and Russia to cut crude oil production as part of market stabilisation exercise.

The shares of Reliance Industries (RIL) recorded its worst fall in around 10 years on Monday as it fell to a low of Rs 1,094.95 per share.

It closed at Rs 1,113.15, lower by Rs 156.90 or 12.35 per cent from its previous close.

Mukesh Ambani
Reliance Industries Chairman Mukesh Ambani is no longer the richest man in Asia, owing to the recent freefall in oil prices. Wikimedia Commons

Following the fall in share price, RIL also lost the crown of the company with the highest market capitalisation in India to Tata Consultancy Services (TCS). At the end of trade on Monday, the market capitalisation of RIL stood at Rs 7.05 lakh crore, while that of TCS was Rs 7.40 lakh crore.

Ambani controls almost 42 per cent of Reliance Industries, owner of the world’s largest oil refining complex. The Mumbai-based conglomerate’s other businesses include a 4G wireless network across India.

ALSO READ: Infoysys Partners With Qualcomm To Work on Smart Cities Solutions

On top of the Bloomberg Billionaires Index is the Amazon CEO Jeff Bezos with a net worth of $112 billion, followed by Microsoft co-founder Bill Gates with a fortune of $106 billion. (IANS)