Therium is backing UK-based Victoria Oil and Gas (AIM: VOG) in its arbitration proceedings with the Republic of Kazakhstan. After investing over US $35 million into an oil field, Kazakhstan invalidated the company’s rights to the oil field and seized assets on site, forcing the company to suspend oil production in June 2008. Read more.
Therium founder Neil Purslow says that London’s litigation funders are in a prime position to capitalise on the global economic downturn, as the economic slump threatens to stretch in-house legal budgets and drive an uptick in legal battles, forcing companies and litigants to turn to third-party funds to bankroll their claims.
The standoff between the heirs of the late Sultan of Sulu and the Malaysian government over the US$14.92 billion Therium-backed claim over unpaid yearly leases continues to make the headlines, with former attorney general Tan Sri Tommy Thomas saying last week that the award is “completely illegitimate”.
There is supposedly an immense amount of wrangling behind the scenes of the US$14.92 billion claim and ongoing dispute between the eight heirs of the late Sultan of Sulu and the Malaysian government, and the Therium-backed claim couldn’t have happened at a worse time for the country amid its unstable political situation.
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